Individual and Business Income Tax Services in Blue Springs and Grain Valley Missouri

  Blue Springs Business Taxes

Our business tax services are designed to help business owners in Blue Springs, Missouri and the surrounding area navigate the intricacies of the tax code, payroll requirements, and banking regulations. We offer comprehensive services for business taxes, payroll services, and more.

Services for Business Taxes

• Corporate tax preparation and tax planning services for C corps and S Corps
• Business tax returns and tax planning for LLCs
• Partnership business tax planning and tax preparation
• Sole Proprietor tax preparation and tax planning services
• Tax returns for Nonprofits 990 and assist new nonprofits with applications

  Grain Valley Individual Tax Services

We provide tax services for individuals with the goal of helping to reduce their tax burden by taking all possible deductions. In addition, we provide assistance with tax planning, estate planning, retirement planning, and other services. If you don’t see the specific service you need, please contact our office in Blue Springs, Missouri to discuss your needs.

• Grain Valley Missouri Tax Preparation and Filing Tax Returns – We offer preparation of tax returns and e-file your return, so you will have your refund within ten days.
• Multi-State Tax Filing – We provide tax return filing in all 50 states and filed returns for our clients in more than 30 states last year.
• Blue Springs Missouri Tax Planning – In order to minimize your tax bill, some planning is needed. We can help you find deductions you may not be taking to reduce your taxes.
• IRS Representation – Do you need professional advice about IRS notices? Please contact our office for assistance with notices of past balances do or non-filing, so we can evaluate your situation. In many cases, we are able to help individuals reduce payments or make an offer in compromise to the IRS.
• Estate Taxation Planning and Filing – Many people are unaware that the estate tax is currently 55%. We offer estate planning services to shelter your estate.

Five Great Tax Secrets

Five Great Tax Secrets

Tax Time - Blue Springs, Grain Valley, Independence Income Tax Preparation

Grain Valley, Blue Springs, Independence, Missouri Income Tax Preparation

WARNING: IRS Audits Rapidly Increasing…
How Confident Are You That
Your Return is Accurate?

Could You be Missing Potential Deductions?

Your tax preparation needs are as individual as you are.  Alliance Financial & Income Tax takes an active approach to our tax planning and tax preparation services, giving you the personalized guidance you need.  Today's tax laws are so complicated that filing taxes, no matter how simple, can quickly become confusing.

10 million tax payers missed out on a chance to receive a bigger refund last year simply because they neglected to fill out one line on their tax return.  Will you miss a similar opportunity this year?

Today's tax laws are increasingly complicated and the rules for deductions and credits change year by year.  Are you aware of all the deductions and credits that might be available to you this year, even on the most basic of tax returns?  Perhaps you feel secure in your do-it-yourself tax preparation software, but lets face it...There is not substitute for an experienced Enrolled Agent who can answer your questions and ask you the questions that might be key to saving you hundreds or even thousands in tax dollars. 

Tax Preparation in Blue Springs, Grain Valley and Surrounding Area

Our Tax Preparation Services Include:

• Assurance that your return has been checked and double-checked for mathematical accuracy and errors that are commonly flagged by the IRS, resulting in fewer chances for contact by the IRS.
• Tips for better managing your payroll withholding so that you can have the advantage of greater income all year long, rather than loaning that money to the government and waiting for it to come back in the form of your yearly tax return.
• A list of common deductions that may benefit you in the coming year, and tips for limiting your future tax liability.
• Electronic filing for a quicker refund.

We  can help you get your paperwork organized with our tax preparation checklist of materials needed for individuals and small businesses.

If  you own a small business and haven't kept up your bookkeeping, don't worry; we can help.  We'll prepare your small business bookkeeping for the year, prepare your business tax return, as well as your personal income tax return.  Then we'll help you set up an easy system that allows you keep your books in great shape for next year.

If you'd like to receive more information about our Blue Springs Tax Preparation Services, please contact us today. If you are ready to schedule a time for us to visit you may schedule a time online that is convenient for you.  

 

Related Links

Income Tax Organizer

Individual Tax Preparation Checklist

Business Tax Preparation Checklist

Mike Mead, EA, CTC
Alliance Financial & Income Tax
807 NW Vesper Street
Blue Springs, MO. 64015
P - 816-220-2001 x201
F - 816-220-2012
AFITOnline.com

To schedule a time to visit with me, click here

Early Retirement Distributions and Your Taxes

Taxpayers may sometimes find themselves in situations when they need to withdraw money from their retirement plan early. What they may not realize is that taking money out early from your retirement plan may trigger an additional tax. Here are 10 things taxpayers should know about early withdrawals from retirement plans:

1. Payments you receive from your Individual Retirement Arrangement before you reach age 59 1/2 are generally considered early or premature distributions.

2. If you made a withdrawal from a plan last year, you must report the amount you withdrew to the IRS. You may have to pay income tax as well as an additional 10 percent tax on the amount you withdrew.

3. The additional 10 percent tax does not apply to nontaxable withdrawals. Nontaxable withdrawals include withdrawals of your cost to participate in the plan. Your cost includes contributions that you paid tax on before you put them into the plan.

4. A rollover is a type of nontaxable withdrawal. You usually have 60 days to complete a rollover to make it tax-free. Generally, a rollover is a distribution to you of cash or other assets from one retirement plan that you contribute to another retirement plan. The amount you roll over is generally taxed when the new plan makes a distribution to you or your beneficiary.

5. If you made nondeductible contributions to an IRA and later take early distributions from your IRA, the portion of the distribution attributable to those nondeductible contributions is not taxed.

6. If you received an early distribution from a Roth IRA, the distribution attributable to your prior contributions is not taxed.

7. If you received a distribution from any other qualified retirement plan, generally the entire distribution is taxable unless you made after-tax employee contributions to the plan.

8. There are several exceptions to the additional 10 percent early distribution tax, such as when the distributions are used for the purchase of a first home (up to $10,000), for certain medical or educational expenses, or if you are totally and permanently disabled. Furthermore, some of the exceptions for retirement plans are different from the rules for IRAs. Please call for details.

9. If you make an early withdrawal, you may need to file Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, with your federal tax return.

10. The rules for retirement plans can be complex. If you need assistance, don't hesitate to call.

Mike Mead, EA, CTC
Alliance Financial & Income Tax
807 NW Vesper Street
Blue Springs, MO. 64015
P - 816-220-2001 x201
F - 816-220-2012
AFITOnline.com

Who is Alliance Financial & Income Tax

Independence Lee's Summit MO Income Tax Preparation

MISTAKE #2: Not Choosing An Expert In The Type Of Tax Service YOU Want!

Unfortunately, with the way that most tax professionals and CPA's present themselves to the world, it seems like we're all the same. We all seem to offer the same services, for pretty similar fees. If I weren't working every day in this industry, I'm pretty sure I would think that all accountants and CPA's were the same. NOTHING could be further from the truth!

You see, each Blue Springs tax professional does have certain qualifications. Some might be experts at this sort of tax law, or in working with farmers or with getting money back through IRS representation, or a whole variety of different things...but are they really providing what you, the consumer, wants?

What do you want from a tax preparer?

When I sit down and talk with regular consumers, here's what I discover:

You want to be able to work with a caring professional...NOT one of those "cattle call" shops, where you're squeezed in with a bunch of other people, and seen by harried, poorly-trained employees that just took a basic tax course.

You want an accurately filed tax return.  You want the whole thing broken down in terms that you understand, and in a way that you don't need a translator to communicate. You want there to be processes in place to ensure that the most money is kept out of the grasping hands of Uncle Sam, and in your wallet (legally).

You want a "heads up" about future ways you can legally add deductions and make sure that you can get even more money back in the future. You want assurances everything your tax preparer is doing for you is valid and correct, so a guarantee(s) is essential to the process.

And of course, you want do it fast.  Look, I know this is a big deal for consumers...you don't want your accountant pushing back at you all the time, saying "give me more time", when you know it's not because they're working hard on your behalf, but that they're so poorly organized that they're not getting ANYBODY'S work done on time!

Oh, and if you ARE getting a refund, you want a tax firm who can get you the most money back the fastest ... with the most electronic filing options available.

Here's the bottom line:  You want professionalism...accuracy ... you want clarity ... you want to be aware of beneficial tax options ... you want peace of mind ... you want an efficient use of your time .... you want your refund money back in your hands fast .... And at the end of the day, you want to KNOW you got the most money back from Uncle Sam AND you know the IRS will stay off your back so you can sleep like a baby at night!

If the accountant or tax professional you are talking to can't do these things, you need to call one that can.

I've got an idea who that might be... do you? :)

Mike Mead EA, CTC
Alliance Financial & Income Tax, LLC

PHONE: (816) 220-2001
FAX: (816) 220-2012

"Going It Alone" With The "Free" Online Options

Did you know that the federal government (happily) holds on to hundreds of millions of dollars in unclaimed refunds every year? As a tax professional, it truly breaks my heart, knowing that just a few thousand, or even a few hundred bucks for us "regular guys" out of that vast pool of overcharging could make a world of difference...and they are just sitting there, unclaimed!

Yet, in an age when our tax code is getting more and more complex, regular consumers are getting bamboozled out of the money they're due. There's six very important reasons that this happens, and this Special Consumer Email Series is YOUR antidote to the madness!

++++++++++++++++++++++++++++++++++++
MISTAKE #1- "Going It Alone" With The "Free" Online Options
++++++++++++++++++++++++++++++++++++

Did you know that us accountants like to joke to one another about how good these online software programs (TaxCut(r), TurboTax(r), etc.) are for our business? Firstly, they are NOT as "easy to use" as claimed, and Secondly...they cost you an arm and a leg!

You might think...nah, they're pretty cheap. And on the surface, you might be right (though on Monday, November 12, 2007 a $1Billion class action lawsuit was filed in the federal court in Philadelphia alleging gross misstatement of fees and deceptive standards of the federal "FreeFile" program...so even on the surface, it wasn't always cheap!). But I'm not even talking about the money for the service itself.

Using those programs can end up leaving hundreds, or even thousands of YOUR dollars in the coffers of Uncle Sam...even if you follow all of their instructions to a tee. I see it ALL THE TIME-frustrated clients bringing in prior year's tax return, astonished at all the "hidden money" my staff and I are able to find for them!

Even worse...

Choosing The WRONG Method To File Your Taxes Could Put You In Some Serious Hot Water With The IRS!

Even if I didn't owe a ton of back taxes, I still don't want MY RECORD to show some IRS agent that there has been some discrepancy in the past so RED FLAGS start to fly and more bureaucratic people begin looking through all my past tax filings and current income holdings and, basically taking my social security number and poking around in my private life!  (If you think they won't do this, the wool might have already been pulled over your eyes ...)

They can do a lot of things you won't want them to do.  However, if you keep a clean slate (no IRS correspondence with you related to filing your taxes correctly), the opportunities for them to mess with your personal stuff will be limited.

Here's another reason why this is so important ... now more than ever! New government regulations and changes to the IRS refund system are creating a BIG MESS in the tax industry...and the "Big Brand Names" (you know who I'm talking about) do NOT want you to know about it! In fact, they're doing all they can this year to hold on to their business, and it is NOT good for you!

So, I hope you are with me:  YOU AGREE ....

CHOOSING THE RIGHT BLUE SPRINGS TAX PROFESSIONAL IS A VERY IMPORTANT DECISION!



Mike Mead EA, CTC
Alliance Financial & Income Tax, LLC

PHONE: (816) 220-2001
FAX: (816) 220-2012