Broker Check
It's Tax Time

It's Tax Time

February 13, 2020

It’s that time of year to prepare for your taxes!
We know that you do this annually, but we also realize every year is a little different. When working with your accountant, make sure not to only focus on 2019, but on years to come.
Some topics to consider:

  1. Buying or selling investment property? (Minerals, house, land, etc.)
    1. If so, you may consider a 1031 exchange.
  2. How to “lump your charitable deductions using a donor advised fund
  3. Should you be making pretax or after-tax contributions to your retirement plans.

Also remember, we can help you navigate these important issues and we are happy to include your accountant and lawyer in the discussion.

Don’t forget our strength at Markle Financial is to help you in all things financial.
Our strengths include:
                Business Succession
                Estate Planning
                Consulting surrounding investments with 1031 Exchanges
                Tax-efficient Strategies
                Charitable Giving
                Legacy Planning
                Real Estate Transfers
                Re-registration of accounts due to: Trust establishment, marriage, divorce, etc.
                And…. Just plain Life Transitions!

Some quick updates on your SEI accounts that we manage.
1099-Composite form available February 14 and February 28.
SEI will be running two separate batches for the 2019 1099 Composite forms in February. The first batch will be run mid-month and will be available online February 14. The second batch will be available by the IRS February 28 deadline. The earlier batch is an enhancement for the 2019 tax year. The holdings within the taxable accounts will determine when the form is produced. SEI will only include accounts in the first batch if we have received all the final Return of Capital (ROC) factors for all the funds within the account.
The 1099-Composite is comprised of the following combined forms:
1099-B, Proceeds from Broker and Barter Exchange Transactions
1099-DIV, Dividends and Distributions
1099-INT, Interest Income
1099-OID, Original Issue Discount
1099-MISC, Royalty Income
We are here for you! Call if you have any questions!

The Markle Financial Team