There's a huge catch if the federal government forgives your student debt

There's a huge catch if the federal government forgives your student debt

Income Tax Preparation Services in Blue Springs Missouri

Whether you're preparing personal taxes or small business taxes, completing it yourself can be a serious burden and put you at risk for missed deductions and credits. At Alliance Financial & Income Tax, a local Blue Springs tax and financial services firm, we have tax professionals on staff committed to reducing your overall tax liability and maximizing tax deductions. Even the most popular tax software on the market can't compare to having an experienced tax professional overlooking your tax filings. With the ever-changing tax laws, working with a professional ensures that you're maximizing your tax refund and minimizing taxes paid.

We provide tax preparation services for:

·       Personal tax returns

·       Corporate tax returns

·       Partnerships

·       LLCs          

What do you get with our tax preparation services?

·       A dedicated tax professional to review and prepare your tax return.

·       Review of previous tax returns.

·       Electronic filing (E-file) of your return.

·       Insightful recommendations on how to reduce your tax liabilities in the future.

·       Access to IRS assistance in the event of an audit.

Tax Services for Small Business Owners in Blue Springs Missouri

For small business owners, Alliance Financial & Income Tax offers specialized services to meet the needs of both your business and personal income tax returns. We'll review your bookkeeping to reduce the risk of an IRS audit, prepare a full Schedule C for reported business income and file your personal income tax return, all in an effort to minimize tax liabilities and maximize your return. Our staff can also help you establish a reliable bookkeeping system to better organize your finances making running your business smoother and tax reporting more efficient.

To learn more about our Blue Springs Income Tax Preparation services give us a call today at 816-220-2001.

Tax Preparation Services Based In Blue Springs

Alliance Financial & Income Tax of Blue Springs Missouri, takes pride in providing every client a tax return that establishes the lowest possible tax legally payable and one that is mathematically accurate. A quality product is measured by the mathematical accuracy of the tax return and an accurate return meets the minimum standards for client confidence and we take pride in our product.

Income Tax Preparation Blue Springs Missouri

While we specialize in preparing tax returns for individuals, we are also able to help small business owners with their tax returns. In fact, our experience covers the whole realm of tax preparation and associated accounting functions.

Our mission is to provide our clients with a quality product, excellent service and a reasonable fee.

How to Find a Good Tax Advisor

After years of reading financial magazines, I often see the disclaimer “Consult your tax adviser.” So how do I go about finding a good adviser? And how are tax advisers paid?

Many unlicensed tax preparers with questionable credentials set up shop during income-tax season. Some disappear after the April 15 filing date, leaving you to deal with the IRS if there’s a problem with your return. The IRS recently cracked down on such rogue tax preparers by, among other things, contacting those whose returns have frequently shown to have errors. Plus, it is instituting stricter rules for anyone who charges a fee to prepare a tax return. 

One good approach is to look for an enrolled agent. Enrolled agents are tax experts who must pass a rigorous test, meet annual continuing-education requirements, and who are licensed to represent clients in front of the IRS. Enrolled agents can prepare your income-tax return, and some provide tax-planning advice. You can also contact an enrolled agent if you need help after receiving a penalty letter from the IRS.

Enrolled agents work in a variety of settings: Some have their own firms, some work for tax-preparation chains, and some are also certified public accountants or certified financial planners. You can find an enrolled agent through the National Association of Enrolled Agents, at www.naea.org. They usually charge by the tax form to prepare a return (so the more complicated your return, the more you’ll pay) and by the hour for tax planning.

If you’re looking for help with financial planning as well as taxes, CPAs who are also personal financial specialists (CPA/PFS) can help integrate tax planning with investing, retirement-planning and estate issues. You can find a CPA/PFS at http://pfp.aicpa.org.

Looking for a Blue Springs income tax professional?  Contact Alliance Financial & Income Tax at 816-220-2001 today.

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

Who is Alliance Financial & Income Tax

IRS 2017 Tax Scams

As tax season approaches, taxpayers are reminded to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud. Every year scam artists look for new ways to trick taxpayers out of their hard-earned money, sensitive financial information or even access to their computers. It seems that no matter how careful you are there's always a possibility that identity thieves could steal your personal information and try to cash in by filing fraudulent tax returns in your name.

Here's what you need to know this year:

Which tax scams should I be on the lookout for this tax season?

This tax season some of the most prevalent IRS-impersonation scams include:

Requesting fake tax payments: The IRS has seen automated calls where scammers leave urgent callback requests telling taxpayers to call back to settle their "tax bill." These fake calls generally claim to be the last warning before legal action is taken. Taxpayers may also receive live calls from IRS impersonators. They may demand payments on prepaid debit cards, iTunes and other gift cards or wire transfer. The IRS reminds taxpayers that any request to settle a tax bill using any of these payment methods is a clear indication of a scam.

Targeting students and parents and demanding payment for a fake "Federal Student Tax": Telephone scammers are targeting students and parents demanding payments for fictitious taxes, such as the "Federal Student Tax." If the person does not comply, the scammer becomes aggressive and threatens to report the student to the police to be arrested.

Sending a fraudulent IRS bill for tax year 2015 related to the Affordable Care Act: The IRS has received numerous reports around the country of scammers sending a fraudulent version of CP2000 notices for tax year 2015. Generally, the scam involves an email or letter that includes the fake CP2000. The fraudulent notice includes a payment request that taxpayers mail a check made out to "I.R.S." to the "Austin Processing Center" at a Post Office Box address.

Soliciting W-2 information from payroll and human resources professionals: Payroll and human resources professionals should be aware of phishing email schemes that pretend to be from company executives and request personal information on employees. The email contains the actual name of the company chief executive officer. In this scam, the "CEO" sends an email to a company payroll office employee and requests a list of employees and financial and personal information including Social Security numbers (SSN).

Imitating software providers to trick tax professionals: Tax professionals may receive emails pretending to be from tax software companies. The email scheme requests the recipient to download and install an important software update via a link included in the e-mail. Upon completion, tax professionals believe they have downloaded a software update when in fact they have loaded a program designed to track the tax professional's keystrokes, which is a common tactic used by cyber thieves to steal login information, passwords and other sensitive data.

"Verifying" tax return information over the phone: Scam artists call saying they have your tax return, and they just need to verify a few details to process your return. The scam tries to get you to give up personal information such as a Social Security number (SSN) or personal financial information, including bank numbers or credit cards.

Pretending to be from the tax preparation industry: The emails are designed to trick taxpayers into thinking these are official communications from the IRS or others in the tax industry, including tax software companies. The phishing schemes can ask taxpayers about a wide range of topics. E-mails or text messages can seek information related to refunds, filing status, confirming personal information, ordering transcripts and verifying PIN information.

What are the signs of identity theft?

Here are six signs that could indicate that you may be a victim of tax-related identity theft:

1. Your attempt to file your tax return electronically is rejected. You get a message saying a return with a duplicate Social Security number has been filed. First, check to make sure you did not transpose any numbers. Also, make sure one of your dependents, for example, your college-age child, did not file a tax return and claim themselves. If your information is accurate, and you still can't successfully e-file because of a duplicate SSN, you may be a victim of identity theft. You should complete Form 14039, Identity Theft Affidavit. Attach it to the top of a paper tax return and mail to the IRS.

2. You receive a letter from the IRS asking you to verify whether you sent a tax return bearing your name and SSN. The IRS holds suspicious tax returns and sends taxpayers letters to verify them. If you did not file the tax return, follow the instructions in the IRS letter immediately.

3. You receive income information at tax time from an employer unknown to you. Employment-related identity theft involves the use of your SSN by someone, generally an undocumented worker, for employment purposes only.

4. You receive a tax refund that you did not request. You may receive a paper refund check by mail that the thief intended to have sent elsewhere. If you receive a tax refund you did not request, return it to the IRS. Write "VOID" in the endorsement section, and include a note on why you are returning it. If it is a direct deposit refund that you did not request, contact your bank and ask them to return it to the IRS.

5. You receive a tax transcript by mail that you did not request. Identity thieves sometimes try to test the validity of the personal data they have chosen, or they attempt to use your data to steal even more information. If you receive a tax transcript in the mail and you did not request it, be alert to the possibility of identity theft.

6. You receive a reloadable, prepaid debit card in the mail that you did not request. Identity thieves sometimes use your name and address to create an account for a reloadable prepaid debit card that they use for various schemes, including tax-related identity theft.

What are tax preparers and other tax professionals doing to protect my financial data?

Unfortunately, tax professionals are increasingly targets of cyber criminals seeking access to client data now as well. Criminals use this stolen information to file fraudulent tax returns for refunds; however, tax preparers and other tax professionals are able to protect their clients--and themselves in the event of a data breach by implementing critical steps such as:

Contacting the IRS and law enforcement:

Report client data theft to your local IRS Stakeholder Liaison. Liaisons will notify IRS Criminal Investigation and others within the agency on your behalf. Speed is critical. If reported quickly, the IRS can take steps to block fraudulent returns in your clients' names. Contact local police to file a police report on the data breach, as well as the local FBI office and Secret Service (if directed).

Contacting states in which you prepare state returns:

Contacting the tax agency in each state in which you prepare returns. Contact the State Attorneys General in each state in which you prepare returns. Most states require that the attorney general is notified of data breaches. This notification process may involve multiple offices.

Contacting experts:

Security experts can determine the cause and scope of the breach, what to do to stop the breach and prevent further breaches from occurring. A data breach should also be reported to your insurance company to determine if your insurance policy covers data breach mitigation expenses.

Contacting clients and other services:

• The Federal Trade Commission offers tips and templates for businesses that suffer data compromise, including suggested language for informing clients.
• Send an individual letter to any clients who have been a victim of a data breach to inform them of the breach but work with law enforcement on timing. Remember that you may need to contact former clients if their prior year data was still in your system.
• Notify your tax software provider who may need to take steps to prevent inappropriate use of your account for e-filing.
• It's possible that your firm and client passwords may have been compromised and need to be reset, so it's important to contact your website and/or client portal provider(s).
• The Federal Trade Commission offers tips and templates for businesses that suffer data compromise, including suggested language for informing clients.
• If required, notify a credit and/or ID theft protection agency. Certain states require offering credit monitoring and ID theft protection to victims of ID theft.
• Notify credit bureaus if there is a compromise. Clients may seek their services.

What should I do if I've received a suspicious phone call or email from someone claiming to be from the IRS?

If you receive an unexpected call, unsolicited email, letter or text message from someone claiming to be from the IRS, be advised that the IRS will never:

• Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer or initiate contact by email or text message. Generally, the IRS will first mail you a bill if you owe any taxes.
• Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying.
• Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
• Ask for credit or debit card numbers over the phone.

If you get a suspicious phone call from someone claiming to be from the IRS and asking for money, here's what you should do:

• Do not give out any information. Hang up immediately.
• Search the web for telephone numbers scammers leave in your voicemail asking you to call back. Some of the phone numbers may be published online and linked to criminal activity.
• Contact TIGTA to report the call. Use their IRS Impersonation Scam Reporting web page or call 800-366-4484.
• Report it to the Federal Trade Commission. Use the FTC Complaint Assistant on FTC.gov. Please add "IRS Telephone Scam" in the notes.
• If you think you might owe taxes, call the IRS directly at 800-829-1040.

If you receive an unsolicited email that appears to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), report it by sending it to phishing@irs.gov.

If you have any questions or believe that you've been a victim of an IRS tax scam, 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

To schedule a time to visit with me, click here

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.