Sunday, February 18, 2018

Tax Professional vs Turbo Tax

Client and wife bring their turbo tax return in because the husband is concerned that their state refund was only $59, he was happy with the Fed. I looked over it and said “The state refund is right but your fed return is off by $2,500.00, you guys missed some credits.” I now have new clients, and my new clients now have more of their money back in their pockets.

Turbo Tax, costing American tax payers billions in lost refunds since 1993.

Grain Valley income tax professionals add value.   Give Alliance Financial & Income Tax a call today before you forfeit our hard earned money.

Tuesday, February 13, 2018

Need Help with Your Taxes in Blue Springs or Grain Valley?



Your Grain Valley 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 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.  
 

Sunday, February 11, 2018

Car Donations and Your Taxes

 The Blue Springs tax preparation office of Alliance Financial & Income Tax reminds taxpayers that specific rules apply for taking a tax deduction for donating cars to charities. If the claimed value of the donated motor vehicle, boat or plane exceeds $500, you can deduct the smaller of the vehicle's FMV on the date of the contribution or the gross proceeds received from the sale of the vehicle.

People who want to take a deduction for the donation of their vehicle on their tax return should take quite a few steps, but here is the most obvious:
Check that the Organization is Qualified.
Taxpayers must make certain that they contribute their car to an eligible organization; otherwise, their donation will not be tax deductible. Taxpayers can search Exempt Organizations Select Check online tool to check that an organization is qualified. In addition, taxpayers can call IRS Tax Exempt/Government Entities Customer Service at 1-877-829-5500. Be sure to have the organization's correct name and its headquarters location, if possible. Churches, synagogues, temples, mosques and governments are not required to apply for this exemption in order to be qualified.  Please contact us if you're considering a car donation for your tax return!

Wednesday, February 7, 2018

Bonus Depreciation

  Bonus depreciation allows businesses to offset the costs of investing in equipment and other qualified assets more quickly. Claiming bonus depreciation on your 2017 tax return may be particularly beneficial. 

Why? Deductions save more tax when rates are higher, and most businesses’ tax rates will go down in 2018 under the Tax Cuts and Jobs Act. How much can you save? The break allows additional first-year depreciation of 50% or 100% for 2017, depending on when the asset was acquired and placed in service. 

Contact us for details.

Tuesday, February 6, 2018

Health Coverage Tax Credits

Do you have questions about health coverage tax credits (HCTCs)? The IRS recently posted common questions and answers (Q&As) on its website to inform interested parties about advance payments of HCTCs for 2018. The HCTC is a refundable income tax credit for eligible individuals to help reduce the cost of certain coverage. The credit is equal to 72.5% of the amount taxpayers pay for “qualified health insurance.” It may be available in advance monthly payments as premiums become due. For details about eligibility and coverage, read more here: http://bit.ly/2EtBnpo

Monday, February 5, 2018

Time for some funny and thought provoking quotes about taxes. If you find these funny, like I did, please share.




Mark Twain
The only difference between a tax man and a taxidermist is that the taxidermist leaves the skin.
Will Rogers
It is a good thing that we do not get as much government as we pay for.
James Madison
I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents...
Will Rogers
Alexander Hamilton started the U.S. Treasury with nothing and that was the closest our country has ever been to being even.
Robert A. Heinlein
There is no worse tyranny than to force a man to pay for what he does not want merely because you think it would be good for him.
Arthur Godfrey
I am proud to be paying taxes in the United States. The only thing is I could be just as proud for half of the money.
H. L. Mencken
Unquestionably, there is progress. The average American now pays out twice as much in taxes as he formerly got in wages.
Albert Einstein
[on filing for tax returns] This is too difficult for a mathematician. It takes a philosopher.
John S. Coleman
The point to remember is that what the government gives it must first take away.
Herman Wouk
Income tax returns are the most imaginative fiction being written today.
Dr. Laurence J. Peter
America is a land of taxation that was founded to avoid taxation.
Milton Friedman
Congress can raise taxes because it can persuade a sizable fraction of the populace that somebody else will pay.
John Maynard Keynes
The avoidance of taxes is the only intellectual pursuit that carries any reward.
Winston Churchill
There is no such thing as a good tax.
Will Rogers
The income tax has made more liars out of the American people than golf has.
Plato
When there is an income tax, the just man will pay more and the unjust less on the same amount of income.
Albert Einstein
The hardest thing in the world to understand is the income tax.
Benjamin Tucker
To force a man to pay for the violation of his own liberty is indeed an addition of insult to injury.
Will Rogers
The difference between death and taxes is death doesn't get worse every time Congress meets.
Ronald Reagan
The taxpayer: that's someone who works for the federal government, but doesn't have to take a civil service examination.
Robert A. Heinlein
Be wary of strong drink. It can make you shoot at tax collectors... and miss.
Winston Churchill
We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.
G. Gordon Liddy
A liberal is someone who feels a great debt to his fellow man, which debt he proposes to pay off with your money.
Barry Goldwater
The income tax created more criminals than any other single act of government.
Calvin Coolidge
Collecting more taxes than is absolutely necessary is legalized robbery.
Dan Bennett
There's nothing wrong with the younger generation that becoming taxpayers won't cure.
Martin A. Sullivan
There may be liberty and justice for all, but there are tax breaks only for some.
Jewish Proverb
Taxes grow without rain.
Thomas Jefferson
The same prudence which in private life would forbid our paying our own money for unexplained projects, forbids it in the dispensation of the public monies.
Robert Dole
The principle involved here is time-honored and true: and that is it's your money.
Robert Dole
The purpose of a tax cut is to leave more money where it belongs: in the hands of the working men and working women who earned it in the first place.
Rob Knauerhase
Isn't it appropriate that the month of the tax begins with April Fool's Day and ends with cries of 'May Day!'?
Roger Jones
I guess I think of lotteries as a tax on the mathematically challenged.
Jean-Baptiste Colbert
The art of taxation consists in so plucking the goose as to obtain the largest amount of feathers with the least amount of hissing.

Benjamin Franklin, Poor Richard's Almanac
It would be a hard government that should tax its people one-tenth part of their income

Sunday, February 4, 2018

Simple and Easy Way To Schedule Getting Your Taxes Completed

My name is Mike Mead and I am Dave Ramsey’s tax ELP in the Blue Springs and Grain Valley area. 
                                     
For tax preparation support you might find our tax organizer helpful to ensure we are able to take all the tax deductions and credits you are entitled to.  You may also find this checklist helpful.

A common question is about our fees.  Every situation if unique, but in our office our average fee for tax preparation is between $200-$250.  We have some higher and others lower, but that is our average.

I am here to help, so please do not hesitate to contact me if you have any questions or if I may be of any assistance.

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 our online calendar


Thank you , I look forward to visiting.


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