I know you are organizing your incoming mail into piles this time of year for bills-to-be-paid and a folder for your 2018 Tax forms.  Unless, that is, you elect to receive your tax forms via electronic delivery.  If you are an electronic delivery client, please be sure to keep an eye on your email inbox for anything that looks like a tax form and be sure to print to reference as you complete your taxes. 

Tax forms are mailed (or emailed) from investment custodians at different times depending on the complexity of the computations needed for the form.  For example, if you own international mutual funds, the complexity becomes greater than holding a domestic balanced fund in an IRA.  Therefore, a later mailing date or amended form is necessary as data trickle in. 

Another important note is that your 12/31/2018 investment statements contain a lot of useful information that can be helpful to reference as you or your accountant complete your taxes. 

Estimated mailing phases from the custodians we use such as Charles Schwab, Pershing, Invesco are as follows: 

Phase One:  By January 31, 2019:  Holdings that typically do not require reclassification or additional information from issuers. 

Phase Two:  By February 15, 2019:  Brokerage accounts that hold basic mutual fund investments and stock/bond investments.

Phase Three:  By February 28, 2019:  Any revisions from the prior two mentioned in Phase One and Phase Two.

Phase Four:  By March 15th:  Any amendments or reclassifications will be sent out by this time. 

Please note:  Some of these forms may be marked as “PENDING.”  If the form is marked “PENDING,” you may want to wait until you get the final form to do your final taxes.  

The Tax Cuts and Jobs Act of 2017 is the biggest tax reform in the last 31 years.  Therefore, there are some provisions in this new legislation that will no doubt impact many tax payers.  For example, Form 1040 will look like a giant post card but will be followed by six pages (Schedules 1-6) to fit all of the info that was on the former 1040. 

There are new tax brackets and personal exemption amounts as well as different amounts for standard deductions.  I guess the old adage, the only certainty in life is death and taxes, still holds true if I add another word to that: CHANGE.

Change is inevitable.  The more malleable we are, the more we can take these changes in stride.  And, the more we squirrel away dollars for our future, the more secure we will potentially be, regardless of any CHANGE that comes our way.

 

Good luck with your taxes and with your goals for 2019!  I am here to help in any way I can.

I know you are organizing your incoming mail into piles this time of year for bills-to-be-paid and a folder for your 2018 Tax forms.  Unless, that is, you elect to receive your tax forms via electronic delivery.  If you are an electronic delivery client, please be sure to keep an eye on your email inbox for anything that looks like a tax form and be sure to print to reference as you complete your taxes. 

Tax forms are mailed (or emailed) from investment custodians at different times depending on the complexity of the computations needed for the form.  For example, if you own international mutual funds, the complexity becomes greater than holding a domestic balanced fund in an IRA.  Therefore, a later mailing date or amended form is necessary as data trickle in. 

Another important note is that your 12/31/2018 investment statements contain a lot of useful information that can be helpful to reference as you or your accountant complete your taxes. 

Estimated mailing phases from the custodians we use such as Charles Schwab, Pershing, Invesco are as follows: 

Phase One:  By January 31, 2019:  Holdings that typically do not require reclassification or additional information from issuers. 

Phase Two:  By February 15, 2019:  Brokerage accounts that hold basic mutual fund investments and stock/bond investments.

Phase Three:  By February 28, 2019:  Any revisions from the prior two mentioned in Phase One and Phase Two.

Phase Four:  By March 15th:  Any amendments or reclassifications will be sent out by this time. 

Please note:  Some of these forms may be marked as “PENDING.”  If the form is marked “PENDING,” you may want to wait until you get the final form to do your final taxes. 

The Tax Cuts and Jobs Act of 2017 is the biggest tax reform in the last 31 years.  Therefore, there are some provisions in this new legislation that will no doubt impact many tax payers.  For example, Form 1040 will look like a giant post card but will be followed by six pages (Schedules 1-6) to fit all of the info that was on the former 1040. 

There are new tax brackets and personal exemption amounts as well as different amounts for standard deductions.  I guess the old adage, the only certainty in life is death and taxes, still holds true if I add another word to that: CHANGE.

Change is inevitable.  The more malleable we are, the more we can take these changes in stride.  And, the more we squirrel away dollars for our future, the more secure we will potentially be, regardless of any CHANGE that comes our way.

Good luck with your taxes and with your goals for 2019!  I am here to help in any way I can.