Tag Archives: Personal Taxes

Finally Taxes are Done … Rob Kaplan Federal Reserve Chair Town Hall Personal Embarrassment …

Whew…. that was easy…. NOT!

Finally we can say goodbye to 2019 taxes … Wednesday Marked the due day for personal Federal Income Tas Extensions.

Luckily (where work and opportunity cross – neat saying heard recently) in the fall of 2019 we went through EVERY taxable portfolio and confirmed tax basis – both reported and unreported to the IRS…. never knowing what this year would bring. This exercise effectively minimized tax documents to one report per account.

Glad we are done!

A Nerd Incident with Robert Kaplan and the Dallas Federal Reserve

On Wednesday of this week, yours truly attended a Virtual Town Hall chaired by Robert Kaplan (pretty big Fan, here is a link to nine articles we have written for those interested).

In true nerd multitasking form, the Zoom meeting started, on the Cell, why not listen while jogging? Cell inserted into runners band on arm and away we go!

Expect comments on the talk, it was very good and interesting…..

Post jog, cell back off runners arm band and onto the couch as the live question and answer session had commenced.

Then this:

Next Question is from John!

Quick glance to the cell and an Unmute flashing button was covering my entire screen! Yikes

“John you must Unmute your device

Twice from the moderator then twice from Robert Kaplan

With no question, the Unmute button was not going to be touched! Finally after what was likely 5 seconds, but felt like 5 awkward minutes, the moderator and Kaplan moved on!

Whew, embarrassing moment averted… or was it!

A question or two later and then this:

“Ok, that was our last question, let’s go back to John and see if we can get his question answered!

Oh No!!!!

This time the Zoom video was shut off before the Unmute logo hit the phone screen….

Can’t make this up!

Hope you enjoyed a nerds chance encounter with Robert Kaplan and maybe even got a chuckle.

Enjoy your Friday, and your weekend …. going to be chilly for the first time in our neck of the woods…. talk next week!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.

A Dallas Texas based fee only

Financial Planning Total Wealth

Management firm.

jkfinancialinc

street-cents

Last Minute Tax Issues….We stand ready

This weekend brings the last chance for completion of personal taxes beforePatience the Monday, April 15, 2013 regular filing deadline.  As the level of urgency has increased, financial processing centers across the country have slowed….remember we all need to keep our patience hats on.

Prompt Action is our response to tax issues

For those that have had or may have a tax issue, either personally or by their professional, we attempt to stay ready for quick action especially this week. We have kept our schedules open to accommodate questions quickly even late into the evenings as we know many are burning the midnight oil this time of the year.

Email us this weekend if there is a last-minute tax issue

This weekend we will stay close to our electronic tethers in order to continue our response to any last-minute issues. If we have access to the information we will certainly get it to the appropriate directed party quickly.

Have a great Friday and a super “Masters” weekend!

John Kvale

PS  For those that did not notice, we hardly made a market comment this week…wow it was tough, but we did it, next week…GAME ON…tons to say!

214-706-4300
http://www.jkfinancialinc.com
8222 Douglas Ave # 590
Dallas, TX 75225

Taxes, Taxes and More Taxes….

Just as Alcoa somehow has officially become the start of our “90 day treadmill” aka Earnings season, mid February marks the delivery date of tax forms and the unofficial commencement of TAX SEASON. Yes, tax season is here, with only a pause for spring break in a few weeks until the dash to April 15.Tax

We are not CPA’s, however we do offer to review your tax returns for another set of eyes to see if it passes the smell test of correctness. We have a wonderful success story to tell, but will wait until we get deeper into tax season as a timely story usually has more pertinence.

With corporate returns due in just a few weeks (March 15th) let the dash begin. Of course extensions for tax filings are always an easy item to complete.

But even before personal taxes (April 15) and corporate taxes (March 15)  a different type of tax, sequestration, is due on March 1, next week! At $80-90 billion total, the hype associated with this tax is overblown in our opinion. We will discuss this is greater detail next week if continued dialogue dominates the airwaves.

This weekend brings the last annual Indian Princess daddy daughter formal dance on Saturday night followed by a 7 am 13.2 mile trot in Fort Worth for myself on Sunday. Three years ago the Indian Princess gathering seemed an eternity, today I wish it would continue…oh well…they grow up fast!!

Have a Great Friday and a wonderful weekend! Talk to you next week and thanks for reading.

JK

214-706-4300
www.jkfinancialinc.com
8222 Douglas Ave # 590
Dallas, TX 75225

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!

JK

214-706-4300

www.jkfinancialinc.com