Here’s Four Reasons to Use Direct Deposit for a Tax Refund

As taxpayers prepare for the January 29 start of filing season, they should consider a direct deposit of any refunds due. It’s easy, safe, fast — and the best way to get a refund. That’s why 80 percent of taxpayers choose it every year.

IRS Direct Deposit:

• Is Fast. The quickest way for taxpayers to get their refund is to electronically file their federal tax return and use direct deposit. They can use IRS Free File to prepare and e-file federal returns for free.  Taxpayers who file a paper return can also use direct deposit.  
• Is Secure. Since refunds go right into a bank account, there’s no risk of having a paper check stolen or lost. This is the same electronic transfer system that deposits nearly 98 percent of all Social Security and Veterans Affairs benefits into millions of accounts.
• Is Easy.  Choosing direct deposit is easy. With e-file, just follow the instructions in the tax software. For paper returns, the tax form instructions serve as a guide. Make sure to enter the correct bank account and routing number.  
• Has Options. Taxpayers can split a refund into several financial accounts. These include checking, savings, health, education and certain retirement accounts. Use IRS Form 8888, Allocation of Refund (including Savings Bond Purchases), to deposit a refund in up to three accounts. Do not use this form to designate part of a refund to pay tax preparers.

Taxpayers should deposit refunds into accounts in their own name, their spouse’s name or both. Avoid making a deposit into accounts owned by others. Some banks require both spouses’ names on the account to deposit a tax refund from a joint return. Taxpayers should check with their bank for direct deposit rules.

There is a limit of three electronic direct deposit refunds made into a single financial account or pre-paid debit card. The IRS will send a notice and a refund check in the mail to taxpayers who exceed the limit.

The Dave Ramsey Show (Previously Recorded)

Standard Mileage Rates for 2018 Up from Rates for 2017

  Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017.
• 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017.
• 14 cents per mile driven in service of charitable organizations.

The business mileage rate and the medical and moving expense rates each increased 1 cent per mile from the rates for 2017. The charitable rate is set by statute and remains unchanged.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.

Choose a Tax Preparer Wisely

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Do You Really Need a Tax Advisor?

Life’s complicated enough. Throw in the tax code, and things get crazy. Ever wondered if it’s worth it to hire a Grain Valley tax advisor?

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Tax Strategies

Tax Strategies for Grain Valley & Blue Springs Missouri

Understanding tax strategies and managing your tax bill should be part of any sound financial approach. Some taxes can be deferred, and others can be managed through tax-efficient investing. With careful and consistent preparation, you may be able to manage the impact of taxes on your financial efforts.

It is that time of year...

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 insuring 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 Client Date sheet with our engagement letter and consent forms will need to be completed along with your other tax information.  The Consent to Use Tax Return Information and the Consent for Disclosure of Tax Return Information is required by law if you wish for me to provide tax savings strategies from the information you provide or we discuss. 

We want to make it as easy as possible for you to get your taxes completed. So 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.
• E-mail your information to Julie at jnaudet@afitonline.com
• Use our client Secure File Portal
• Schedule a time to meet with me in person by calling the office or online at www.afit-calendar.info

The filing deadline this year for personal tax returns is April 17, 2018.  To ensure your return is completed and filed on time we must receive all your information by April 3rd.  We do not begin working on your tax return until we have received all your information. 

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

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.


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 
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Who is Alliance Financial & Income Tax