Tag Archives: Turbo Tax

Federal Income Tax Filing Reminder – Tax Delay Q and A – State Income Taxes With Complications

Today was the scheduled regular Tax filing date. Thankfully the Federal Government, on March 21, 2020 announced we all have received a 90 day delay on our REGULAR Federal Income tax…

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.”

If you have a refund and made less or the same in 2018 as 2019, then you can file. As a planning reminder… about 90% of the population is to receive a Recovery Rebate of $1200 + $500 per child under age 17… BUT those are phased out…

The applicable AGI phase out threshold amounts are as follows:

  • Married Joint: $150,000
  • Head of Household: $112,500
  • All Other Filers: $75,000


If you are in the phase out range and if you have not filed your 2019 return, check to see which is lower, your 2018 or 2019, and if your 2018 is lower, do not file your 2019. Conversely, if your 2019 is lower file it immediately! You likely will not have to pay until the extended deadline of July 15, 2020 (Double check with your Tax Professional!)

Back to the Regular Extension Update

This nice Q and A from Turbo Tax

  • Do I need to file an extension to file past April 15?  No, you do not need to take any action. The July 15 extension applies to all taxpayers automatically.
  • Will the extension of the tax deadline delay my tax refund? No, the IRS expects to continue to process refunds as normal but encourages all taxpayers to file now.
  • Do I have more time to contribute to my IRA? Yes, you now have until July 15, to make a 2019 contribution to your IRA.
  • Will the deadline for my state taxes also be extended? A majority of states are conforming to the new July 15 tax deadline. However, some states have different deadlines and guidance. To find out the deadline in your state, click here

States with Challenging Time Frames at this time

Most all states but the following are either non state income tax states or are following the same extension date ….(no idea why any state would not follow the rest of the country … digressing)

Hawaii July 20
Idaho June 15
Iowa July 31
Mississippi May 15
New Hampshire June 15
Virginia May 1 to file; June 1 to pay

From AICPA for more exact information.

Again … especially when dealing with the state information, this is changing quickly and may change again, so please check your respective state taxing authority.

Bottom line most have some type of relief, although the calendar complicates in certain states!

Have a Great “Updated Tax Extension 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.

Travels Continue – Which tax software should you use ? Friday – Spring Break

According to this very interesting IRS 2015 Tax Facts report, well over half of all returns are completed by tax professionals.

2015 Tax Return Facts

Of course that leaves the rest for do-it-yourselfers !

If your return is straight forward, do-it-yourself may be just the ticket !

Best do it yourself tax software?

According to PC Magazine, here are their results:

2016 PC Magazine Tax Prep review

We recommend you use the on-line versions with Turbo Tax being our favorite followed by H&R Bock …

A couple of reminders and recommendations:

  • Make your passwords strong – crooks are out there
  • Careful with auto uploads – they can at times be very unreliable
  • Complete your return in bites and review it later with a new set of eyes
  • Let us know if you have troubles — we have your back!


Travels – Spring Break – Very Lightly Tethered

After a whirl wind several months of travels, I am out of the office (and state) today for a very busy Friday of business followed by spring break with the family, both in the same location. Tomorrow brings a tennis tournament for Sophia as well!spring break

After promising the family focused time on them, I will be very lightly tethered electronically, and MAY not even post next week… no promises..haha … Donald, Cathy and our back office team are ready and in total control!

With the coming Newsletter swirling around in my head and an editor about to hit the road with a new RV  … there will be Article creation time!

Have a great day and wonderful weekend !

John A. Kvale CFA, CFP

8222 Douglas Ave # 590
Dallas, TX 75225





Cybercriminals 4 …. John 0… Funny Story

After warning of several cybercrime attempts here, here and here. And even more recently the story of 100k tax returns lost by the IRS , the latest chapter of the cybercrime puzzle arrived in my mailbox over the weekend.

Turbo Tax Asks for their MoneyCybercrime

A nice form letter arrived in my mailbox over the latest weekend stating I owed Turbo Tax money for their software as the “refund” was not enough to cover the cost. Nope, had not used their software!

Gotta hand it to the cybercriminals, if your going to do it, go all in!

Before I even explained to the representative at Turbo Tax why I was calling, the nice lady on the other end of the line said “This was a fraud right?”  “Ya,  How did you know?” According to her this was a very common problem lately.

Keep your guards up!

Actually a funny story if you think about it .. Fraudulent filing, using fraud to get the software to do the fraud … Wow .. certainly creative!

Have a Good Day!

John A. Kvale CFA, CFP

8222 Douglas Ave # 590
Dallas, TX 75225

Summer Vacation Plans and Thrifty Money Savings Tricks, Isn’t that an Oxymoron?

With summer brings vacation, the fun, family, travel  AND a few associated expenses. In a special light-hearted, headed into the weekend post, we thought we would stray from the icky heavy market talk briefly for some brighter, fun ideas for the summer. Of course, fun without frugality would be straying to far for us, so here are a few ideas you might consider for summer savings.

  1. Write a portion of that vacation off.  We do not want to compromise the integrity of your vacation, much less your tax return, but do consider meshing a vacation with business in order to write a portion off.  According to this Intuit Tax related article, the spirit of the code is what is not “ordinary and necessary.” We are not recommending stretching the rules by any means, only staying aware of items that may save you tax dollars later.
  2. Book that flight on a Monday, Tuesday, or Wednesday for savings. According to Smarter Travel, several Orbitz executives find that Monday through Wednesday seems to be the best days to book travel. The execs state that time of day is of little difference, rather the particular day is of most importance. My personal favorite day to book air travel is Wednesday, away from a holiday and near the middle of the month if possible.
  3. Take a look at VRBO or Homeway.com (one in the same now)  for great vacation rental properties. I have personally rented from these sites over a dozen times now, and have yet to have a bad experience. Knowing several friends who have wonderful homes that are a part of these services also gives me confidence in the recommendation. Book early and be prepared to sign a contract, which is usually standard in nature.
  4. Staying away from peak times is the ultimate travel saver, which prior to having children I did not realize the advantage. If you have the option of traveling when others do not, YOU WILL be happily surprised, not only in price, but also in complication due to traffic.  Try to Zig when others Zagg, so to speak.

Short of bringing the sand, umbrella, water, mountain, or ocean to you directly, this is our next best effort that hopefully you have enjoyed. Be safe, and maybe if you remember a few of these ideas, you might have a few extra bucks in your pocket when you return!

Have a Great Day!


PS – Donald “The Brain” and I are out of the office today in Las Colinas on important business.