2018 IRS Mileage Rate

For all your income tax service needs in Grain Valley give Alliance Financial & Income Tax a call at 816-220-2001 or e-mail us

GOVERNMENT SHUTDOWN; WHAT IT MEANS FOR YOU!

We have received an extensive amount of calls and concerns regarding the impact of the current U.S. Government Shutdown and want to share with you the immediate impact information we have received.

Numerous government agencies will be impaired since Congress failed to pass an operating spending bill.

There will be a mandatory furlough of non-essential governmental employees, so many government offices and services operations will be impacted. Many federal agencies and departments will be reduced to essential services only including the IRS.

Currently certain agencies will continue to operate, this includes the U.S. Postal Service, Social Security Administration, Veterans Administration, Medicare and Medicaid programs. This means that mail will continue delivery, Social Security checks will be disbursed, medical services will be provided for veterans and those receiving benefits of Medicare and Medicaid. The Transportation Security Administration will continue to operate but due to the mandatory furlough of non-essential government employees TSA may incur staff reductions that will impact air travel.

What this means for you and your taxes! All prevailing tax law remains in affect and all taxpayers remain obligated to meet all tax obligations as normal.

The IRS will need to continue processing activities to the extent necessary to protect government property and assets which includes the collection of tax revenue which maintains the integrity of the Federal tax collection process and will continue certain other authorized activities under the Anti-Deficiency Act.

Both individuals taxpayers and business taxpayers remain responsible for timely filing and timely payment of tax obligations including estimated tax payments, payroll taxes payments etc. No extensions apply due to the Federal Government Shutdown.

If you are subject to a Direct Debit Installment Agreement, know that the U.S. Department of the Treasury will continue those withdrawals on the specified dates of the prior agreement.

If you are subject to an Agreed Estimated Tax Payments Direct Debit, know also that the U.S. Department of the Treasury will continue those withdrawals on the specified dates.

Some significant delays you can expect due to IRS furlough of non-essential employees includes:

IRS tax refunds issuing will be delayed!

Scheduled IRS examinations, audits and appeals functions will recognize delays, but this does not mean that they will not transpire. Taxpayers subject to examination, audit or appeals actions remain obligated to stated compliance dates. If you have received an IRS Notice of pending action, please contact us immediately to resolve these issues. IRS offices, service centers and call centers will be shut down and not responding to taxpayer questions.

U.S. Tax Court has informed us that trials sessions currently scheduled for the week of January 22, 2018 will proceed at the scheduled trial locations. The Court expects that all trial locations will be accessible for use during the week of January 22nd. U.S. Tax Court anticipates continuing normal operations for as long as funding permits. They will provide us further guidance on the status of future scheduled trial dates.

The filing of your 2017 income tax returns remains subject to the current filing deadlines for all returns types. There will be no extension to the current filing deadlines. However, the IRS service centers will currently only be processing returns to the point of batching whether the returns are electronically filed or paper filed.

The filing of amended Form 1040X returns will be delayed.

If the Government Shutdown extends beyond five business days, the IRS will be reassessing mandatory activities and the impact of diminishment to non-essential activities and will provide us with further guidance we will share with you as soon as possible.

If you have questions please call the office of Alliance Financial & Income Tax at 816-220-2001.

Today's Tax Tip

816-220-2001

Alliance Financial & Income Tax

Yes, you *thought* 2017 was in the rear view mirror, didn’t you?

Well, not for the IRS it isn’t.

That’s because, as you probably know, we are now beginning the process of doing what we do best: effectively, legally, and ethically reporting our clients’ financial lives to the government for maximum savings — i.e., tax return preparation.

And while the government last week set the date for when they will actually begin accepting electronically-filed returns (Monday, January 29, 2018), that doesn’t mean that we can’t get started on pulling together what we need to have your return ready to file ASAP.

(In fact, it’s almost always a great idea to file your return as early as possible in the season … not just for peace of mind, but also because it prevents fraudsters from using your information to steal any refund that might be headed your way.)

So, to that end, I’ve put together my annual tax preparation checklist of what you’ll need to have for an effectively-prepared tax return. This is meant to be informational for you, and as something you can hold on to over the following weeks as you begin the process of excavating your financial files.

There may be certain situations where we’ll need other documentation to get you even more deductions. But, of course, we’ll let you know about that, should the situation arise.

And also, just to remind you, this is also the last tax return we’ll be filing for you under the “old” tax code. It will be interesting to have us compare what your taxes would look like under 2018 rules (at least on a very basic level), which we’d be glad to do for you, when you come in.

You see, I truly do pity those who attempt to wade through all of the different tax codes and forms on their own, and not devote a week’s labor to the transaction. It really doesn’t pay to “go it alone” for certain tasks. Mike Mead's 2018 Tax Preparation Checklist
“In every single thing you do, you are choosing a direction. Your life is a product of choices.” – Dr. Kathleen Hall

With all of the changes every year (and, of course, that’s especially true THIS year), filing your taxes on your own is not for the faint of heart. That’s even with nice-looking softwares on the market which purport to make it easy for you.

But that’s what we’re here for. Let us be your easy button.

Below is a list of what you will need during the tax preparation process. Not all of them will apply to you — probably MOST will not. Nonetheless, it’s a useful checklist for all Dallas/Fort Worth taxpayers.

Before you get overwhelmed: yes, this is a long list — but it’s the unfortunate reality of our tax code that it’s not even comprehensive! But these items will cover 95% of our Dallas/Fort Worth clients.  Really, this is for ensuring that we’re able to help you keep every dollar you can keep under our tax code.

Even if for some strange reason you won’t be using our cost-effective services this year, feel free to use this list as a handy guide…

Personal Data
Social Security Numbers (including spouse and children)
Child care provider tax I.D. or Social Security Number

Employment & Income Data
W-2 forms for this year
Tax refunds and unemployment compensation: Form 1099-G
Miscellaneous income including rent: Form 1099-MISC
Partnership and trust income
Pensions and annuities
Alimony received
Jury duty pay
Gambling and lottery winnings
Prizes and awards
Scholarships and fellowships
State and local income tax refunds
Unemployment compensation

Health Insurance Information: NOTE — despite the passage of tax reform that changes this information for 2018 taxes, we still need it for 2017 taxes.
* All 1095-A Forms from marketplace providers (if you purchased insurance through a Marketplace)
* Existing plan information (policy numbers, etc.)
* If claiming an exemption, your unique Exemption Certificate Number
* Records of credits and/or advance payments received from the Premium Tax Credit (if claiming)

Homeowner/Renter Data
Residential address(es) for this year
Mortgage interest: Form 1098
Sale of your home or other real estate: Form 1099-S
Second mortgage interest paid
Real estate taxes paid
Rent paid during tax year
Moving expenses

Financial Assets
Interest income statements: Form 1099-INT & 1099-OID
Dividend income statements: Form 1099-DIV
Proceeds from broker transactions: Form 1099-B
Retirement plan distribution: Form 1099-R
Capital gains or losses

Financial Liabilities
Auto loans and leases (account numbers and car value) if vehicle used for business
Student loan interest paid
Early withdrawal penalties on CDs and other fixed time deposits

Automobiles
Personal property tax information
Department of Motor Vehicles fees

Expenses
Gifts to charity (receipts for any single donations of $250 or more)
Unreimbursed expenses related to volunteer work
Unreimbursed expenses related to your job (travel expenses, entertainment, uniforms, union dues, subscriptions)
Investment expenses
Job-hunting expenses
Education expenses (tuition and fees)
Child care expenses
Medical Savings Accounts
Adoption expenses
Alimony paid
Tax return preparation expenses and fees

Self-Employment Data
Estimated tax vouchers for the current year
Self-employment tax
Self-employment SEP plans
Self-employed health insurance
K-1s on all partnerships
Receipts or documentation for business-related expenses
Farm income

Deduction Documents
State and local income taxes
IRA, Keogh and other retirement plan contributions
Medical expenses
Casualty or theft losses
Other miscellaneous deductions

We’re here to help. Let me know if you have any questions.

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

What to Expect for Grain Valley 2017 Tax Refunds

  The IRS issues more than 9 out of 10 Grain Valley tax refunds in less than 21 days. However, it’s possible your tax return may require additional review and take longer. Where’s My Refund? has the most up to date information available about your refund. The tool is updated no more than once a day so you don’t need to check more often.

You can use Where’s My Refund? to start checking on the status of your return within 24 hours after we have received your e-filed return or 4 weeks after you mail a paper return. Where’s My Refund? has a tracker that displays progress through 3 stages: (1) Return Received, (2) Refund Approved and (3) Refund Sent.

You will get personalized refund information based on the processing of your tax return. The tool will provide an actual refund date as soon as the IRS processes your tax return and approves your refund.

Direct Deposit

Join the eight in 10 taxpayers who get their refunds faster by using e-file and direct deposit. It's the safest, fastest way to receive your refund and is also easy to use. Just select it as your refund method through your tax software and type in the account number and routing number. Or, tell your tax preparer you want direct deposit. You can even use direct deposit if you are one of the few people still filing by paper. Be sure to double check your entry to avoid errors.

Your refund should only be deposited directly into accounts that are in your own name; your spouse’s name or both if it’s a joint account. No more than three electronic refunds can be deposited into a single financial account or pre-paid debit card. Taxpayers who exceed the limit will receive an IRS notice and a paper refund.

Whether you file electronically or on paper, direct deposit gives you access to your refund faster than a paper check.

Blue Springs Income Tax Services

Blue Springs income tax services 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. 

Blue Springs Income Tax Services 

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

Blue Springs Income Tax Preparation Reviews