Tag Archives: taxes

Year End NON-RMD (Required Minimum Distributions) Donations Reminder …. Check Your Standard Deductions Level …

Posted on December 7, 2022 by | Leave a comment

With year end barreling down on us, and our last post about next years tax rates garnering some really great comments… thank all of you for taking time to read, and especially to comment…. very honored… A Tax Savings Reminder was in order!

The following does not apply to those making charitable donations with their RMD’s (Required Minimum Donations)…

Donations and Standard Deduction Reminder

If you have made a few donations (again Not applicable to RMD Donations) and you are not sure if you are over your standard deduction – take a moment to tally up your donations as they are related to your standard deduction. If you are just shy, consider adding to something you may want to do next year…. If you are way shy of your standard, consider waiting until next year….

Oh the disclaimer, not tax advice see your tax professional!

This is your respective level for 2022:

Standard deduction for married couples filing jointly for tax year 2022 is $25,900

Single taxpayers and married individuals filing separately, the standard deduction is $12,950 for 2022

Per IRS website

Have a Great “Donations and Standard Deduction” Reminder!

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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2023 Tax Tables – We found a good one ! Sorted in our Personal Most Used …

Posted on December 5, 2022 by | Leave a comment

Our first post here, on the new extra large inflation adjustments were …. well not in a good format…

Patience is a virtue…. we chopped this up and reordered in our personal most used… we will also have this pasted on a special tab here in our blog…;. Enjoy!

Annual Gift Amount              $17,000

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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Posted in Estate Planning, General Financial Planning, Investing/Financial Planning, Retirement Planning, Tax Related

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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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Posted in Clients/Clients Only, Investing/Financial Planning, Tax Related

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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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Posted in Clients/Clients Only, Investing/Financial Planning, Tax Related

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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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Posted in Clients/Clients Only, Investing/Financial Planning, Tax Related

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October 2020 Podcast Video, Financial Planning and Capital Market Update – By John Kvale …

Posted on November 2, 2020 by | Leave a comment

Hello and Welcome to our October 2020 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 and current events!

Hope you enjoy!

October Video

(YouTube)

Financial Planning Tip (s)  –

Social Security COLA Increase 1.3%

Social Security, one of the few Pension Like Benefits that has a Cost of Living Adjustment (COLA) announced an annual increase – there is not always an increase … which we discussed here in this post with links to the announcement for those wanting more detail!

Possible Realizing of Capital Gains

With year end tax planning in mind, here in this post we discuss the possibility of realizing Capital Gains if your are on the fence and may be thinking of pushing gains out to next year…. this with approval and knowledge of your tax professional – let’s not get reckless!

Capital Market Comments

Election Outcomes and Market Reactions

Here in this post we carefully tip toe into the Election outcomes and possible market outcomes ….

Hanging Chads – No one is elected and a lengthy battle ensues – In our minds, most Market disruptive – Participants dislike uncertainty

Clean Sweep Either Direction – This may surprise you, but participants generally favor a partial party political holding

Partial Party Holding = Inferred from the points above – Partial party holding in either direction is likely least market disruptive

Have a Great October Update!

Talk to you at the end of November!

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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Posted in General Financial Planning, Investing/Financial Planning, Market Comments, Retirement Planning, Social Security

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August 2020 Podcast Video, Financial Planning and Capital Market Update – By John Kvale …

Posted on August 31, 2020 by | Leave a comment

Hello and Welcome to our August 2020 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 and current events!

Hope you enjoy!

August – 2020 Video (YouTube)

Financial Planning Tip  –

Mysterious Form 5498

In a luckily timed post (two showed up in the mailbox the same day of the reminder) here we discussed the extra late arriving Form 5498.

This is a confusing settle up form that requires not action other that to add to your tax file in order to avoid unnecessary taxes!

Fraud Wire Delay Reminder

In this post we remind those setting up new Wire/Linking instructions to financial accounts, especially non liked titled accounts to be careful and have patience.

Fraudsters are attempting to take advantage of the situation!

Capital Market Comments

Gone Too Far

You know us to be very positive – all through the many negatives that have occurred !

You also know we will call it like we see it!

Markets have officially gone too far and are ahead of themselves, expect bumps and no extra risk taking is warranted at this time – CAREFUL!

Have a Great August Update!

Talk to you at the end of September!

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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Posted in Cyber, General Financial Planning, Investing/Financial Planning, Market Comments, Monthly Review, Podcast, Video

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Mysterious Tax Form Coming … The Extra Late Arriving Form 5498 !

Posted on August 26, 2020 by | Leave a comment

During normal tax reporting years, just after the final push for regular Mid April filings is complete … along comes the late arriving Form 5498 in May …

This year with the extended regular filings, this mysterious tax form is making it’s way to us even later than normal!

Form 5498 – Who Get’s One and What it’s For

Form 5498 arriving any day now is the settle up for the IRS for most types of Rollovers …. it notifies the IRS that a distribution made in 2019 (yes way back in 2019) has been reinvested and is not taxable.

This form also notifies the IRS of other personal retirement plan contributions such as the SEP – Simplified Employee Pension Plan among others.

File it with you regular tax files but don’t worry that you have missed something… its for Uncle Sams use mostly!

Have a Great “Form 5498” 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

Leave a comment

Posted in Investing/Financial Planning, Tax Related

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Tax Reminder Preview … Taxes Due Next Wednesday… Friday

Posted on July 10, 2020 by | Leave a comment

They may have pushed tax due dates out… but the line in the sand still stands… and it is next Wednesday….

We are feeling the heat, which is excellent…so glad to help!Uncle Sam

On Monday a more direct reminder and details….

After two longer posts this week, we will leave your eyes less strained..haha

Ahhhh… today is a Friday, heading into a mid summer weekend…

Be Safe, Have a Good Friday, and a Super Weekend!

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

Leave a comment

Posted in Investing/Financial Planning, Tax Related

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Fast January, Tax Audit Pre-View, “AO” … Friday

Posted on January 24, 2020 by | Leave a comment

Not sure about you guys, but in several conversations this week, as well as a few reflection times, it was super hard to believe January is almost gone… Wow!

Speaking of Fast January, how about already another Friday… with a short week and turn around travels next week, looks like we are in full stride….

Tax Time Commeth

Given the mailbox (and inbox) is likely beginning to fill with those pesky tax forms, we have a few neat stats on Tax/Audits/IRS reviews to share soon… We actually attempted to get them into the Q1 2020 Newsletter to no avail… a good problem (too much content) … We think you may find some of the statistics very interesting, but of course never push the gray when dealing with Uncle Sam!

Here is a Teaser:

TaxAudit 2018 stats

AO – Australian Open

Regular readers know sports … and especially Tennis (Australian Open) is big at the homestead…. between a 17 hour + time zone change and the 15 year old deciding to do 6 am — YES … 6 am tennis practice, the candle has been burning a bit at both ends…. maybe the reason for the Fast January… all good!

Ahhh….but as mentioned early, today is a Friday…maybe a Fast Friday in January, but still a Friday … enjoy your weekend and get ready for some fun Tax Facts Next Week!

Have a Great “Fast Friday” 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

Leave a comment

Posted in Investing/Financial Planning, John Kvale, Personal, Tax Related

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