Tag Archives: Tax Tips

Review that return before you file … Last minute tips

Nearing the “Un-official”  half way point to the finish line for personal tax returns (we call the race from corporates in the middle of March to personals, mid April the time line) a few items have risen to the top of needed reviews.

Items to Review On Your ReturnUncle Sam

Before you file your return, take a look at it. Your tax professional can only complete the items he/she has, and frequently there are missing items that need to be included.

It is each of our own responsibility to confirm our tax returns!

Via repetition, here are this year’s half way point items we are seeing-

  • Property Tax incorrect year – make sure you get credit in the year you pay
  • General Sales Tax missing- It’s your deduction, make darn sure you get it if you itemize
  • Missing Basis- An oldie but goodie, EVERYTHING has a basis- be sure one is included on your return
  • Missing a SEP (AKA Simplified Employee Pension) contribution – Souped up IRA that offsets non-W-2 income- Great Tax Saver- You can do both a SEP and 401k if you have both incomes under the appropriate scenario

Hopefully this will help…. If you have a question– Give us a shout, we are glad to help !

John A. Kvale CFA, CFP

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

1st Corrected 1099’s…. Not too Many, Donald the “Brain”

The first corrected re-issue of 1099’s has been processed and we have only a single digit number of recipients. Those lucky few, whom we have already contacted are covered, so the rest of us can wait in hopeful glee we dodge the next corrected run, due out in about a week. 

Generally, all other items being equal, which they never are, the first batch of corrected 1099’s is the largest, with future batches tapering off further.

A couple of interesting 1099 facts worth remembering:

  • Corrected 1099’s resulting in less than a $10 difference will not be re-issued
  • 1099’s less than $60 total, will generally not be issued, with a few exceptions
  • 1099’s are Consolidated i.e.  Int, Div and B are one consolidated page, for a greener, paper saving, and sometimes tax confusing delivery

Early bird tax filers, we thank you all, and wish more were like you, but again we ask you “hold” on hitting the send button until we receive more clarity on the next few rounds of corrected 1099’s.

Donald the Brain

Donald returned mid-week from his four day trip. The trip’s purpose was education/training on our new trading and rebalancing service, Tamarac (more to come soon.)  The trainer, whose tenure of over 3 years of monthly groups of 50, announced Donald was the first person/firm ever to have the system completely 100% working before the end of the sessions.  He even ended the classes with helpful encouragement and pointers to his fellow attendees.  That is why his nick name is “The Brain.”

Out of the office today

I am out of the office today with end of the month review, newsletter prep, and a fun late afternoon with a group of fellow investment managers and indian princess dads. It was a roller coaster week for some reason, maybe due to the “Blue Screen of Death” from one of Donald the Brain’s three computers (nice to check our backup systems in real time…it worked.) The good news, as usual, it was a super fun week thanks to you guys, and the ever-changing capital markets!

Thanks for reading.  Next week, a few more tips on the tax forms, along with capital market updates!

Have a Great Weekend !