Tag Archives: Tax Season

Thoughts from the Trenches as Tax Season Wraps Up! A look behind the curtains … Guess How Many Returns are Filed? It’s FINALLY over!

Posted on April 19, 2023 by | Leave a comment

According to a latest IRS release, as reported by the Tax Foundation, in 2020 there were 157.5 Million Tax Returns filed…. this is the fun part of doing this blog, a guess garnered 100 … missed by half … ok digressing….

While pushing a lot of items back until today – the first “Official” Day AFTER tax season… (we appreciate your patience) … with it still hot on our minds, we wanted to share with you a few items about “Tax Season”

This quote was heard verbatim several times (4-5) this year… had to show you!

“Most people do not really know what Tax Season is like!”

There is very much a first year back to normal effect going on since 2019 as well… for various reasons the last three years had ebbs and flows as well as all out stops… NOT this year…

Again pointing to the number of people filing a tax return…. here are the big observations…

EVERYONE was swamped if they touched the financial system in any way….

Processing companies –

Tax Forms

Payroll company forms

Social Security

IRS, call centers

Banks …

Just to name a few… and ANY financial transaction company has a line in front of it

Turbo Tax had some quirks…

Most basis chasing is over – yay

Still easy to miss data – no yay

Most professional Accounting software is very similar in their reporting – finally – yay again!

Happy to have a mandatory line in the sand… It’s really nice to HAVE to have this completed…well unless there was an extension filed… yay one more time

Expect many including ourselves to take a bit of a breather….and if you had slow or frustrating processing … it was probably due to one of the above issues…

About 52 weeks from now we get to do it again… BUT we will be back to a more normal expectations…at least that is our bet…

Happy Tax Season is Over Day!

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

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Oddly Timed ES Payment Due Date … Q3 ES Payment Due September 15 2022 ! Eight Days from Today!

Posted on September 7, 2022 by | Leave a comment

Not to worry…. we caught this ES payment due date well in advance… thanks to our Friendly IRS Reminder email early this am….

But as mentioned before the staggered due dates can be confusing….

Not to worry, we have PLENTY of time after this one…. but again, here is your reminder!

Tax Due Dates

Payment Due Dates
You can pay all of your estimated tax by April 18, 2022, or
in four equal amounts by the dates shown below.
1st payment . . . . . . . . . . . . . . . . . April 18, 2022
2nd payment . . . . . . . . . . . . . . . . June 15, 2022
3rd payment . . . . . . . . . . . . . . . . . Sept. 15, 2022
4th payment . . . . . . . . . . . . . . . . . Jan. 17, 2023*

  • You don’t have to make the payment due January 17,
    2023, if you file your 2022 tax return by January 31, 2023,
    and pay the entire balance due with your return.

Electronic Payment of ES Taxes

Here is the IRS tax website link, which is very easy to make electronic estimated taxes. Be sure to follow the instructions carefully as there are a lot of different options for making payments to taxes, and be sure to carefully enter your personal information so the IRS knows it’s you.

We recommend you do this electronically if at all possible…. the mail is still having issues!

Have a Great “Oddly timed ES Tax Reminder” Day!

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

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The Sneaky Short Calendar Time ES Payment Due Date … Q2 ES Payment Due Today!

Posted on June 15, 2022 by | Leave a comment

This Estimated Tax due date ALWAYS sneaks up on us… and it did again this year…

Why?

Note the short window from April to June – only 60 days…Yikes….

No matter, today is the day for Q 2 ES Tax Payments!

Tax Due Dates

Payment Due Dates
You can pay all of your estimated tax by April 18, 2022, or
in four equal amounts by the dates shown below.
1st payment . . . . . . . . . . . . . . . . . April 18, 2022
2nd payment . . . . . . . . . . . . . . . . June 15, 2022
3rd payment . . . . . . . . . . . . . . . . . Sept. 15, 2022
4th payment . . . . . . . . . . . . . . . . . Jan. 17, 2023*

  • You don’t have to make the payment due January 17,
    2023, if you file your 2022 tax return by January 31, 2023,
    and pay the entire balance due with your return.

Electronic Payment of ES Taxes

Here is the IRS tax website link, which is very easy to make electronic estimated taxes. Be sure to follow the instructions carefully as there are a lot of different options for making payments to taxes, and be sure to carefully enter your personal information so the IRS knows it’s you.

We recommend you do this electronically if at all possible…. the mail is still having issues!

Have a Great “Sneaky ES Tax Reminder” Day!

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

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Final Days of Regular Tax Filing, Extension of Taxes, Payment of Taxes/ES Payments Website, Friday Holiday, Office Hours, Weekend Standby …

Posted on April 14, 2022 by | Leave a comment

Not to worry it’s not Friday already … with tomorrow being a holiday, Easter, Good Friday, we wanted to remind and share some important ideas today, Thursday rather than our usual Friday Morning chat!

Final Days of Taxes

As mentioned here, in our earlier post “Be Careful What You Ask For” tax season came upon everyone I know in the industry much harder this year than in the prior two due to the delays, but happily we’re just about on the other side of the mountain! Yay

Extension Option

On a related tax filing note, if you have not completed your taxes or do not intend to do so on time, be sure to file an extension. Extensions are easy and give you ample time to complete your returns, but require you to estimate if you owe taxes and you’ll need to pay in that amount or you may face penalties.

Here is a link to the IRS website and how to apply for the automatic extension!

Electronic Payment of ES Taxes

Here is the IRS tax website link, which is very easy to make electronic estimated taxes. Be sure to follow the instructions carefully as there are a lot of different options for making payments to taxes, and be sure to carefully enter your personal information so the IRS knows it’s you.

Friday Office Closed, Early Exits Today, Tethered for Tax Questions

Tomorrow as mentioned earlier is a national holiday, as such banks, stock exchanges, government offices, and our office will be closed. On that note with some of the family members getting out early we will be out of the office early today as well.

In closing, while we will be out of the office I will personally watch my electronics tomorrow and the weekend for anyone who has last minute forms or tax questions that they may need help!

Monday April 18th is the official last day to file our personal tax returns, notably Form 1040. If at all possible we hope you’ve completed all of your tax information prior to Monday April 18th if at all possible!

Have a Great Day and Easter Weekend, 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

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Tax Season notes from the field, Be Careful what you ask for, Missing Basis, Automatic Transaction Downloads Great … Automatic Transactions Downloads Not Great, Macro Theme for 2021 Returns …

Posted on April 4, 2022 by | Leave a comment

For the past several years … as we all know, tax season was delayed for various reasons, with exceptional confusion last year due to various filing dates depending on your geographic location.  As we finished those seasons, which due to the delays were very long, we wished for our tried and true middle of April due date.

In truly be careful what you ask for form, it has been … to say the least … hectic this year!  We will get through this together (and except for those extension filers) on the other side of middle/April we will have the great majority of the yearly tax filings completed! Yay

Tax Seasons Findings

Each tax season seems to have its own theme or spirit so to say, and this one is no different!

We are finding an abnormally large amount of missing basis on transactions … especially any unusual transaction. Please double check to make sure your bases is included on your return, just because there’s zero marked on the tax form it’s highly likely you have a basis and it was just not reported. We have seen numerous zero basis reporting by one of the very largest firms that specializes in stock options this year. Don’t miss a basis as this is a mistake to our own disadvantage that the IRS would not catch! Yikes

We are neutral on the automatic download from your financial company to import transactions,. We completely understand it’s a hassle especially for those that are doing it themselves to download all of the transactions, that being said, the automatic downloads are sometimes working perfectly and other times not at all. Similar to your missing bases from before above, check those transactions to make sure they’re in the correct spot of your return…. i.e. Long term or short term

From a very high level we are broadly seeing more taxes due across-the-board than in prior years for various reasons.  Not to be a downer but just to set everyone’s expectations as we get closer to completion, there may be extra taxes due!

Be sure to reach out if you have any questions or concerns and we urge you if you have not started your taxes or delivered your information to your tax professional, do so now as the aforementioned normal deadline has everyone shell shocked as we return to the normal super busy season.

Have a Great “Tax Season Spirit Update” Day!

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

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It’s that time of year again, Tax Season – Tax forms update and important information concerning those using a tax professional as well as Tax software – Friday

Posted on January 25, 2019 by | Leave a comment

We are beginning to get 1099 tax forms, however all of them are not complete for everyone.

With a corrected schedule that lasts over the next few weeks to months, please do not file your return until we give you a greenlight and get past the first corrected 1099’s!

Please reach out to Jen at jen@jkfinancialinc.com  if you want to know if your tax form is available as we will be glad to electronically send it to you or upload it to your vault as soon as we have sight of it – please follow the next instructions.

Tax Professional and Tax Software taxes control-1027103_1280

For those using a tax professional we highly recommend that you get your information to them as soon as possible as this tax season will most certainly be much more complicated due to all the new tax laws. It would be much better to have already been in line with your tax professional and have a few missing documents than to  bring all of the information late this year.

We feel certain your tax professionals will appreciate it.

For those using tax software, we are fine with you beginning to put your information into the software, however, we would hold off on filing your tax return as we expect multiple software updates, due once again to the tax law changes!

This tax season will likely have a few curveballs as many documents that we may have used in the past, may not be needed due to the tax law changes, however don’t throw anything away, and  be sure and either give it to your tax provider or enter it into your software – let both of them tell you it’s not necessary.

It’s Friday, enjoy your weekend, and thanks so much for reading our posts!

Have a Great “Beginning of Tax Season” Day!

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

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Once Upon a Time there was a Tax Season that just would not Go Away ! … Friday Travels …

Posted on April 20, 2018 by | Leave a comment

We actually look forward to Tax Season……

Rolling up our sleeves and helping everyone with basis finds, forgotten tax deductions, duplicate Social Security withholdings, long lost medical expenses finds ….

Just like the changing of actual season – Welcoming summer now … by the time it is over, we are ready for the next season!

A Tax Season that Would Not End  Uncle Sam

So the traditional April 15th deadline was extended to Monday the 16th since the usual day fell on the weekend… only to be extended another day due to a Holiday conflict, only to be extended ANOTHER day due to technical difficulties.

We warned multiple parties NOT to wire or move money on Tax Deadline day because it was the busiest money moving day of the year … We had no idea the US Government website would go down due to all the activity!

Note to self next year, let’s really be sure to stay away from moving money around tax deadline time.

Either way … We made it!

Now time to begin working through all the NEW TAX laws…. bring em on!

Quick Travel Trip

Today the schedule includes a quick turn around trip, only to return early tomorrow in time for a #1 Seed Tennis Tournament that includes a bye in the first round for the 13 year old … giving just enough time to make the match, assuming the flight is on time …. maybe plenty if the 100% chance of Rain holds …

Oh…the Uber driver is here !

Talk to you next week, we have some great items to talk about…but that is next week … Enjoy your weekend!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

 

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Tax Hangover Subsiding … Speaker at Local University … Friday

Posted on April 22, 2016 by | Leave a comment

We are pleased to announce this was one of our most victorious tax seasons ever.

  • Lost Deductions
  • Forgotten Deductions
  • Missed Deductions
  • Improper Basis Reporting
  • Forgotten Carryovers
  • Double Social Security Withholding
  • Last Minute Pre-Tax Retirement Contribution

Just to name a bunch that we were able to enable, catch and help… all totaled to one of the most tax savings seasons we have had.

If we did not get a final copy of your return, send it over for safe keeping and future review.

The stress of a few last minute hanging retirement account contributions did not go without notice, as a member of J.K. Financial, Inc. was stressed enough over last weekend to snap at a family gathering … hurting a few feelings…not mention of any names to protect the innocent of course…Cathy…oops.

Tax Hangover Subsiding

As a regular practice we attempt to get back to everyone the same day or at the latest within 24 hours. We slipped a bit as multiple time sensitive items were at the door as Monday, April 18th, 2016 went from current to past.

We are back on it now…thanks for your patience.

University of North Texas Speaking Event

Wednesday afternoon marked a wonderful 90 minute forum with four fellow advisors and a group of soon-to-be graduates from the University of North Texas. UNT

Giving back, seeing the upcoming generation, answering questions and interacting with the students was very rewarding.

While things can always be better for the future of our country, they are looking great …. judging from these latest interactions! Congrats to all !

Friday

Today is a Friday headed into a terrific weekend. Donald returned his boat and paddles as the water finally subsided from a very wet Texas we have all experienced this week….kidding, but if felt like it, mid week.

Have a great weekend and thanks for reading !

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

 

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Good bye “Official” Tax Season … One More Request from us … Friday !

Posted on April 17, 2015 by | Leave a comment

Whew…. it’s officially over…. yaa there will be extension filings (myself included), but for the most part we are DONE !!!!Goodbye

A Request From Us

Before you toss that tax return in the file to collect dust, until next year or maybe longer … PLEASE DO US A FAVOR … Send us a copy.

Taxes and Wills/Estate documents are our most used items.  We review both frequently. With the changing tax laws and certainly more to come, a base line of where we are today is super. If we have your return we can plan better and you will not have to dash to that file if a copy is needed…we can quickly access it electronically!

Thanks very much to most who we already have a copy, but those few who we do not … SEND US A COPY !!!!!

Friday … Spring Friday

Due to the afore-mentioned tax season, Cathy has been off for the last couple of days … Well Done Cathy!!

Next week is back to normal as we are in the midst of earnings seasons (AKA 90 day treadmill) AHHHH….but that is next week..

Enjoy your Friday and your weekend with those special in your life. Talk to you next week !

John A. Kvale CFA, CFP

http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 75225

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Where did February Go? …. Big Events in March

Posted on February 28, 2014 by | 1 comment

Today marks the last day of a Fast February in a VERY quick moving year. (I think it really is true … the days go slow, but the years fast.) We have even had a Groundhog day for the capital markets. They are right back where they started the year after stumbling and bumbling out of the gate. But hey, lets not step any further on next weeks February review video, however we can look forward to March!

A Big event(S) March

The biggest event by far this March is the welcoming of the newest Capone which is due in about two weeks. Not to worry we will keep you posted on Donald “The Brains” sleep (or lack of) and maybe even show a picture or two.March

From Mid March to April 15 is happily our busiest time of the year. We work with tax stuff, end of quarter, and a Newsletter all at the same time. I will be out for spring break (just before the rush), lightly tethered, but ready and able, just in case our newest Capone comes early.

One of my personal favorite days of the year occurs next week as well. The recovery of our evening sun, AKA time change … YAA!

Ahhhh, but that is all next week, and next month for that matter. Today is a Friday, with a farewell to a fast February, don’t forget to spend time with those special in your life …. it goes fast !

Happy Friday and Happy Weekend!

John A. Kvale CFA, CFP

http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 75225

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