Tag Archives: personal tax returns

February 2023 – Financial Planning and Capital Market Review – Tax Preparation(s) and Reminders – ODTE’S (What?) – Advanced Analysis Series – When Good Economic News is Bad – By John Kvale CFA, CFP

Hello and Welcome to our February 2023 Financial Planning and Capital Market Update!

If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast audio format as well as Video!

Newbies –

We like to articulate our thoughts and review on a Monthly basis our Financial Planning Tips, Capital Markets thoughts and current events!

Hope you enjoy!

February 2023 Video –


Financial Planning Tip(s)

All About Taxes or the Getting Ready for the Processing of Personal 1040’s

Corrected 1099 Reminder

Just last Friday we reminded of the Corrected 1099 time frames …. and NOT to rush your taxes if you have after tax accounts that generate the all encompassing 1099 Misc and Int Tax Forms ….

With originals due on or around the end of February …. aka NOW – hah The good ole Corrected’s are a few weeks out yet… not to worry we will let you know who those lucky ones are that get a Corrected and a headcount that let’s us know if those early planners/filers may be safe to go forward !

IRS Pointer and J.K. Financial, Inc. Important Reminder too

Also, early in the month here, which may seem like and eternity ago (or not) we highlighted an IRS heads up email about prepping for Taxes AND we added our most important thought, which has come into play multiple times already this season…hence the happy repeat and acknowledgment :

” … We would add, just because you did not receive a tax notice, DOES NOT mean the IRS did not and is looking for the appropriate notation on your tax return (Huge amount of time this occurs with cashing Series EE bonds) … a missing item is an easy automated paper letter audit….and as mentioned here absolutely requires a response …”

Capital Market Comments – Advanced Analysis Series Begins

ODTE’S — Zero Dated to Expire Options – Part Two of our Advanced Analysis Series

Here in this Post we talk about a VERY heavy topic …. ODTE (Zero Dated to Expire Options) their unusual quantities, as well as their possible Capital Market manipulation …. not only that, but this post also is Part 2 of our Multiple part series that we intend to do this year… in addition, here is a screencast video during market hours to help explain our point too…

When “Good” News can be Bad – Fast Economic Reminders

In another reminder like post, here we speak of when “Good” News can be seen as bad due to the FOMC (Federal Open Market Committee) attempt to slow the economy…

The good news is from this report lots of jobs and more than expected…. Bad News… Fed may continue to be aggressive in slowing the economy… aka Higher short term rates…

Two year at the time was 4.41% now 4.81% a LARGE move for such a short term of 2 years!

Have a Great Day, Talk to You at the End of March!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.



New Tax Filing/Payment Date … Scammer Alert – Be Careful

On Saturday, the normal Mid-April tax day was extended to July 15 and would also include regular ES Payment extensions as well.

Extension to Regular Filing DateIRS logo

This from the IRS Announcement:

“Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.

The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days.”

Updated Scam Alert

The bad guys are taking advantage of the current situation by sending emails related to the Virus… I have personally received over a half a dozen so far, some very clever.

We have also been warned by our security advisers to be on the watch….

We wanted to give you a heads up…

  • Take a quick moment to slow down and double check your emails and texts for the time being (hurried answers or clicks are just what they are looking for!)
  • Be EXTRA careful on any email you may receive
  • Do not open any unusual Zip or hot-linked texts
  • Double check the from email address on ANY unusual email – read carefully, they again are, clever

Have a Great “Tax Extended, Scammer Watch” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.

Be Easy on Your CPA this Year and Expect to Pay a Little More, Meet Form 8949

As most of you know we have been warning for over a year now, (2011 Rockwell and 2012 Rockwell Part 2) of government changes due to new cost basis reporting requirements. While we agree with the overdue changes which in the long run, will be easier, the gravitation from non-reporting of basis, to full reporting of basis will be rocky at best. Given these facts we fully expect personal tax returns to be slightly more complicated and time-consuming this year, therefore more costly as well.

The Culprit: From 8949

Think of this new form as a catch-all for your long-term and short-term gains with a built-in column for errors. This new form, while simplifying other schedules on your return will be more time-consuming, may surprise you at first glance, and will throw all of us out of our tax comfort zone this filing season.

On a positive note, think of it as one step back to take two steps forward. In the coming years, it will get easier and we will all get more accustom synchronizing the data. (We attempt to give our realized gains and losses data in a form that is easy to transfer into tax return data, however we doubt the various outside reporting vendors will have such concerns at this time, they are still focused on capturing the data.)

Don’t Hurry to FILE your Return, But Do Rush to Get Your Information to Your Professional as Soon As Possible!

While we have strongly suggested those early filer’s wait until late March or early April to have their information electronically sent to the IRS, we do suggest you get your tax information to your professional in an extra timely manner. No one wants a tired tax professional doing their taxes !

As you know, we are not tax professionals, however we interface with many on an almost daily basis, especially during the final leg of filing season. If we all try to make each other’s lives easier, maybe this From 8949 will turn out to be a mole hill rather than a mountain!

Have a Great Day!