Pricing

Beginning with the 2019 tax year, 1040.com will use a simple flat fee structure:

• The preparation price is $25 for all returns.
• The price includes state return preparation, for as many states as are needed. There is no longer a separate charge per state return.
• Extensions will be free.

Second COVID Relief Package Passed

Second COVID Relief Package Passed: Both houses of Congress voted to pass the latest COVID relief legislation and all indications are that the president will sign it into law. We know th

All About IRS Payroll Tax Relief For Small Businesses Impacted by COVID-19

All About IRS Payroll Tax Relief For Small Businesses Impacted by COVID-19: Small businesses can enjoy several types of payroll tax relief on their federal taxes during 2020. The changes include a payroll tax deferral and

When It Comes To Taxes, Don't Leave Money on The Table!

Alliance Financial & Income Tax is a Proud Participant in the Dave Ramsey Endorsed Local Provider program for Income Tax Services.

We will take the stress out of preparing your tax returns.

Schedule your tax preparation appointment today either by calling 816-220-2001 or online at https://www.afitonline.com/appointments

Are you having problems with the IRS?

We are here to help you resolve your tax problems and put an end to the misery that the IRS has put you through.

Before you call one of the large advertisers claiming to solve your problems for pennies on the dollar, take the time to talk to your trusted, Blue Springs Missouri based tax expert.

We are here to help you resolve your tax problems and put an end to the misery that the IRS can put you through. We pride ourselves on being very efficient, affordable, and, of course, extremely discrete.

Resolve your tax problem with the peace of mind that you are in good hands.  Please call our office at (816) 220-2001 to set up a free consultation.

We can help you with the following:

• Wage Garnishment
• Bank Levy
• Threatening Letters
• IRS Audit Notification
• Non-Filing
• Back Taxes
• Liens
• Offers-in-Compromise
• IRS Seizures
• Innocent Spouse

How to Roll Over an Old 401(k)

How to Roll Over an Old 401(k): Back in the old days, it was pretty common for someone to work for the same company for 40 years before retiring with a nice pension and a gold watch.

Proverbs 22:7 The rich rule over the poor, and the borrower is slave to the lender.

Debt is normal. A credit card, a car payment, and a student loan that's been around so long it feels like a pet...

Normal isn't the goal. Normal sucks. BE WEIRD.

It takes a LOT of hard work to get to weird, but it's worth it. You've got to pay a price you've never paid to go somewhere you've never been. Live on less than you make, steer clear of debt, and make sacrifices to achieve the life you want. A life where you've got NO PAYMENTS, a full emergency fund, and the freedom to build wealth and be generous. That's weird, and that's AWESOME.

No matter where you're at with money right now, you can be weird. Start today, and don't give up!

Our next class begins on August 6th. Register or learn more here https://www.financialpeace.com/classes/1115502?c=ccf

Separating truth from fiction

Now, more than ever, it's important to keep your mind clear.

With so many of us spending more time than ever online and on our devices, there are even more opportunities for falling -- no, DIVING -- into rabbit holes of distraction and unproductive emotion.

Yes, I'm a local tax professional. We're not known for our deep emotions.

This might make me the perfect person to advise you on this matter: there is no benefit to marinating in fear; nor is there a benefit to marinating in a conspiracy.

Our nation feels like it is arguing and being ripped apart at the seams. Some might say this is a failure of leadership (they wouldn't be completely wrong) ... but I am here to tell you: you can only control what is within YOUR control.

Yes, there are many people out there who are confused/deluded/corrupt/wrong.

But will you really be winning hearts and minds with your snarky and hostile Facebook post that points this out?

It's something to consider...

All that aside, I shall now focus on that with which *I* am most associated: taxes and your economic stimulus payments.

First, here is the schedule for when paper check payments from the Economic Stimulus will be distributed. This concerns those who had not set up their direct deposit information with the IRS (which you can still update here: https://www.irs.gov/coronavirus/get-my-payment).

Feel free to share this with your friends:

Taxpayer AGI | Check Mailing Date

• Less than $10,000 | April 24
• $10,001 - $20,000 | May 1
• $20,001 - 30,000 | May 8
• $30,001 - 40,000 | May 15
• $40,001 - 50,000 | May 22
• $50,001 - 60,000 | May 29
• $60,001 - 70,000 | June 5
• $70,001 - 80,000 | June 12
• $80,001 - 90,000 | June 19
• $90,001 - 100,000 | June 26
• $100,001 - 110,000 | July 3
• $110,001 - 120,000 | July 10
• $120,001 - 130,000 | July 17
• $130,001 - 140,000 | July 24
• $140,001 - 150,000 | July 31
• $150,001 - 160,000 | August 7
• $160,001 - 170,000 | August 14
• $170,001 - 180,000 | August 21
• $180,001 - 190,000 | August 28
• $190,001 - 198,000 | September 4
• Remaining checks | September 11

This might be frustrating, but again -- fill out your direct deposit info, and you might be able to speed up that process.

Secondly, allow me to address some myths that are somehow going around about these payments:

Myth 1: Everybody is getting a payment.

Nope. You won't get any COVID-19 relief money if your AGI is more than $99,000 for single filers; $136,500 for head-of-household taxpayers; or $198,000 for married couples filing jointly.

Myth 2: Unemployment benefits disqualify you from getting the payment.

Again, nope.

The federal relief payments being distributed now are based on the amount of money you made either in 2018 or 2019. The Treasury and IRS don't care what you're making (or not) in 2020.

Myth 3: The stimulus payments will be taxed.

The relief money is not income. It is a tax credit. Just like the Child Tax Credit or Earned Income Tax Credit, it's a tax break that's calculated based on your eligibility and is used to offset any tax you owe. Tax credits aren't taxed.

Which is why you probably should have someone who knows what they're doing to file your taxes (ahem).

Myth 4: If you got "too much", you have to pay it back.

Thankfully, no. If you got an overly large amount based on your 2018 or 2019 returns, don't worry about it.

The IRS says that even if your 2020 tax return (for which the payment is an "advance tax credit") shows you should have received less, you get to keep the overpayment that the government gave you this year.

That's because at the time the IRS calculated the COVID-19 relief amount you were due, the agency was using the latest info it had, your prior filings. So even though it technically is a 2020 tax year advance credit, the timing of its early delivery means that the IRS doesn't care about your 2020 money, at least as far as the COVID-19 economic relief payment is concerned.

Myth 5: I can speed up my payment with this one trick.

The only surefire way to get your COVID-19 economic relief payment more quickly is to get your direct deposit data to the IRS using the enhanced Get My Payment tool. If the IRS doesn't have that information, it will mail you a paper check via the U.S. Postal Service. But you need to hurry. If, when you do try to let the IRS know your bank info, you find that it's already decided you'll get a paper check, you can't change that. You'll get a paper check.

So don't fall for "offers" that promise to get you your COVID-19 money more quickly.

Myth 6: You should handle all of this alone.

No way.

We're in your corner.

You know where to find us, and we have your back.

Warmly,

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

"CRISIS Action Plan" for my clients:

1) Don't marinate in other people's panic. Be mindful of your social media consumption.

2) Continue to stay financially and logistically prepared for worsening situations.

3) Make sure you have some ready, liquid assets if you are able. (I.e., cash in the bank, and in hand.)

4) Set aside plans for any big spending until the dust settles -- but especially lookout for your small business owner friends and vendors.

Businesses Score Big Tax Benefits With The Cares Act

Businesses Score Big Tax Benefits With The Cares Act: As part of the stimulus package to help offset the financial damage inflicted on businesses as a result of the COVID-19 crisis, Congress restored the

880-page stimulus bill

We're already digging into the 880-page stimulus bill, that we're sure you've heard rumors about, so we wanted to quickly let you know some more first-blush details.

>>Cashflow Loans - Be VERY careful rushing into these things without guidance, as this section seems to indicate that they don't want someone taking the money out of the business for personal use. Since many small business owners use the S Corp structure and take some payment in salary and some in distribution, exactly HOW this will get handled is unclear.

>>Net Operating Loss Carryovers - If your business is struggling and you will have a loss this year, we can take those losses, amend previous returns and get MASSIVE refunds for your business on tax already paid.

This is a complete change from the existing code, where you could only carry losses forward.

You will want someone in your corner for this, so don't rely on any "hype" you see in the media about this bill. Talk to a professional to get the help you need. 816-220-2001 https://www.afitonline.com/p/proactive-tax-planning

Looking for Tax Preparation

It's important to know where your money's going.

If you need help getting things in order to do your taxes this year, my team has put together some awesome resources to help you along the way:   https://www.afitonline.com/p/pdf-tax-organizer

IRS wants all they can get...

Feel like this at tax time?

Come see us to make sure you're not missing any deductions or credits, so you can keep more of your hard-earned money in your pocket.

Learn more about our income tax preparation services.

Have questions? Give us a call at 816-220-2001

Do we have to come in...?

We have had several new and current clients ask ‘do we have to come into the office to have our taxes prepared?’

The answer is no. You may elect to use our TaxDome Secure Portal to upload all your supporting documentation. We also have an app so you are able to send us all your documentation from your phone. Then schedule a phone call with us to answer any questions and to discuss your unique situation. When we have prepared your tax return, we will upload it to your portal account for your review and schedule a telephone call to discuss and answer all your questions.

Of course, you are always welcome to come to the office.

Learn more about our tax preparation services.

Taxpayers should remember these tips when searching for a tax preparer.

Taxpayers should remember these tips when searching for a tax preparer

The tax filing season is upon us, and many people will be looking for someone to help them file a tax return. These taxpayers should choose their tax return preparer wisely. 

This is because it’s ultimately the taxpayer who is responsible for all the information on their income tax return. It’s important for people to remember that this is true no matter who prepares the return. Here are some tips for folks to remember when selecting a preparer. Taxpayers should:

Check the Preparer’s Qualifications. People can use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications. This tool helps taxpayers find a tax return preparer with specific qualifications. The directory is a searchable and sortable listing of preparers.

Check the Preparer’s History. Taxpayers can ask the local Better Business Bureau about the preparer. They should check for disciplinary actions and the license status for credentialed preparers. There are some additional organizations about specific types of preparers:

•Enrolled Agents: Go to the verify enrolled agent status page on IRS.gov.

•Certified Public Accountants: Check with the State Board of Accountancy.

•Attorneys: Check with the State Bar Association.

Ask about Service Fees. People should avoid preparers who base fees on a percentage of the refund or who boast bigger refunds than their competition.

Ask to e-file. The quickest way for taxpayers to get their refund is to electronically file their federal tax return and choose direct deposit.

Make Sure the Preparer is Available. Taxpayers may want to contact their preparer after this year’s April 15 due date. People should avoid “fly-by-night” preparers.

Provide Records and Receipts. Good preparers will ask to see a taxpayer’s records and receipts. They’ll ask questions to figure things like the total income, tax deductions, and credits.

Never Sign a Blank Return. Taxpayers should not use a tax preparer who asks them to sign a blank tax form.

Review Before Signing. Before signing a tax return, the taxpayer should review it. They should ask questions if something is not clear. Taxpayers should feel comfortable with the accuracy of their return before they sign it. Once they sign the return, taxpayers are accepting responsibility for the information on it.

Review details about any refund. Taxpayers should make sure that their refund goes directly to them – not to the preparer’s bank account. The taxpayer should review the routing and bank account number on the completed return.

Ensure the Preparer Signs and Includes their PTIN. All paid tax preparers must have a Preparer Tax Identification Number. By law, paid preparers must sign returns and include their PTIN.

Report Abusive Tax Preparers to the IRS. Most tax return preparers are honest and provide great service to their clients. However, some preparers are dishonest. People can report abusive tax preparers and suspected tax fraud to the IRS. Use Form 14157, Complaint: Tax Return Preparer.

Starting a Home-Based Business

Starting a Home-Based Business: More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning

The Secret to Doing Your Taxes Right

Alliance Financial & Income Tax is a Proud Participant in the Dave Ramsey Endorsed Local Provider program for Income Tax Services. 

Important Tax Information (Please Read)

Happy New Year!!  We hope the new year is getting off to a great start for you.

Tax season is once again upon us and I wanted to provide you with some helpful information on our website. Please take a moment to review. This information will assist you as you are gathering all your documentation for your taxes.

Our tax organizer will assist in ensuring that you do not miss out on any possible tax credits or deductions. (Great tool to refresh your memory of the past year)

Just like going to the doctors there is always paperwork for compliance and legal reasons and the tax preparation industry is no different.  Our engagement letter and tax organizer will need to be completed along with your other tax information.  Even though you might not think much as changed with your specific situation, the tax laws changed drastically in December 2017.  Please make sure to look over this information to help ensure that we have the necessary information for reducing your tax liability.

Due to changes in privacy and security protocols, we are requesting that if you need to send us tax documents that you use our secure portal.  Next week Julie will be creating personal accounts for our current clients.  If you do not see the instructions to access the portal, please contact Julie at jnaudet@afitonline.com. 

We want to make it as easy as possible for you to have your taxes prepared. Once you have gathered all your tax documentation you may: 

• Mail your information to us and we will contact you with any questions.
• Stop by the office between 9-5 and drop off.
• Use our client Secure File Portal
• Schedule a time to meet with me in person by calling the office or online. 

The filing deadline this year for business returns is Monday, March 16th. And for personal tax returns is Wednesday, April 15, 2020.  To ensure your return is completed and filed on time we must receive all your information by April 1st.  We do not begin working on your tax returns until we have received all your information.

If you require an extension, please e-mail Julie at jnaudet@afitonline.com. (request must be in writing)  There is a $25 fee for processing extensions.

We are here to help, so please do not hesitate to contact us if you have any questions or if we may be of any assistance.

I am truly thankful for the confidence and trust that you place in us and we are looking forward to seeing you soon Mike.


Warmly,
 

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


 

Your income tax preparation needs are as individual as you are.

Your income 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 taxpayers 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? Read more:

Enrolled Agents - America's Tax Expert

An Enrolled Agent (EA) is a federally-authorized tax preparer who has technical taxation expertise and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for IRS audit help, collections, and appeals.

What does the term "Enrolled Agent" mean?

"Enrolled" means to be licensed to practice by the federal government, and "Agent" means authorized to appear in the place of the taxpayer at the IRS. Only enrolled agents, attorneys, and CPAs may represent taxpayers before the IRS but Alliance Financial & Income Tax represents taxpayers with enrolled agent certification. The profession of an enrolled agent began around 1884 after questionable claims had been presented for Civil War losses. Back then, Congress acted to regulate the profession that represented citizens in their dealings with the U.S. Treasury Department.

How do you become an enrolled agent?

The enrolled agent license is earned in one of two ways, by passing a comprehensive examination which covers all aspects of the tax code to receive an enrolled agent certificate, or having worked at the IRS for five years in a position which regularly interpreted and applied the tax code and its regulations. All candidates must pass a rigorous background check conducted by the IRS.

How can an Enrolled Agent help me?

Enrolled agents advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts, and any entities with tax-reporting requirements. An enrolled tax agent maintains expertise in the continually changing field of taxation, enabling them to effectively represent taxpayers audited by the IRS.

Privilege and the Enrolled Agent

The IRS Restructuring and Reform Act of 1998 allow federally-authorized tax preparers, defined as those bound by the Department of Treasury’s Circular 230 regulations, a limited client privilege. This means that confidentiality is required between the taxpayer and the enrolled agent under certain conditions. The privilege applies to situations in which the taxpayer is being represented in cases involving audits and collection matters. It is not applicable to the preparation and filing of a tax return. This privilege does not apply to state taxes, although a number of states have an accountant-client privilege.

Are Enrolled Agents required to take continuing professional education?

In addition to the stringent testing and application process, the IRS requires enrolled agents to complete 72 hours of continuing professional education, reported every three years, to maintain their enrolled agent designation. NAEA members are obligated to complete 90 hours per three year reporting period. Because of the knowledge necessary to become a tax enrolled agent and the requirements to maintain the license, there are only about 46,000 practicing enrolled agents.

What are the differences between Enrolled Agents and other tax professionals?

Only enrolled agents are required to demonstrate to the IRS competence in matters of taxation before they may represent a taxpayer before the IRS. Unlike attorneys and CPAs, who may or may not choose to specialize in taxes, all enrolled agents specialize in taxation. Enrolled agents are the only taxpayer representatives who receive their right to practice from the U.S. government (CPAs and attorneys are licensed by the states).

Are Enrolled Agents bound by any ethical standards?

Enrolled agents are required to abide by the provisions of the Department of Treasury’s Circular 230, which provides the regulations governing the practice of enrolled agents before the IRS. NAEA members are also bound by a Code of Ethics and Rules of Professional Conduct of the Association.

Why should I choose an Enrolled Agent who is a member of the National Association of Enrolled Agents (NAEA)?

The principal concern of the National Association of Enrolled Agents and its members is honest, intelligent and ethical representation of the financial position of taxpayers before the governmental agencies. Members of the enrolled agent association must fulfill continuing professional education requirements for tax planning that exceed the IRS’ required minimum. In addition, NAEA members adhere to a stringent Code of Ethics and Rules of Professional Conduct of the Association, as well as the Treasury Department’s Circular 230 regulations. NAEA members belong to a strong network of experienced, well-trained tax professionals who effectively represent their clients and work to make the tax code fair and reasonably enforced.

 

Tax Man Call You For an Audit?

If your income tax return has been selected for an audit and you don’t know why, it could very possibly be that the IRS computer simply selected your tax return for audit. Or potentially your type of business is part of a compliance test program.

Whatever the reason, the IRS has contacted you for an audit and you are a bit concerned. But that doesn’t necessarily mean it’s time to panic. Sometimes all the IRS requires are some missing documents, which is the reason for the audit. In any case, there are a few different kinds of audits and each occurs at different locations, which are good indicators as to how severe the tax audit is. Since the IRS can audit you by mail, in their offices, or in your office or home, the location is usually very telling.

Learn more: https://www.afitonline.com/irs-audit-help

Do You Own Back Taxes and Penalties?

Blue Springs, Grain Valley, Independence Income Tax Preparation Services