If You Think....

If you think you can claim head-of-household because you moved out of daddy's house and have your own apartment, you might consider using a Blue Springs tax pro.

If you think that because you pay your own bills and support yourself, you are considered a dependent, you might consider using a Grain Valley tax pro.

If you think income doesn't have to be reported because no one sent you a W2, you might consider using an Independence, Missouri, tax pro.

There is much more to tax preparation than what do-it-yourself tax software would have you believe.

So, until they have "Solve Your IRS Tax Problems In A Box," you might consider using a tax professional.

Hire an Enrolled Agent. We can solve your IRS tax problems.

5 Ways to Achieve Financial Freedom

 

Financial freedom is something that everyone strives for, but it can be challenging to achieve. It requires discipline, planning, and a willingness to make sacrifices in the short term for long-term gain. However, with a little effort and the right strategies, it's possible to achieve financial freedom and take control of your financial future.

In this post, we'll explore five ways to achieve financial freedom. From creating a budget and paying off debts to building an emergency fund and investing wisely, these strategies will help you get on track and achieve your financial goals.

1. Create a budget and stick to it.

Creating a budget is an essential step in achieving financial freedom. A budget helps you understand where your money is going and where you can cut back. It's essential to track your spending and make sure you're not overspending in any one area. There are plenty of budgeting apps and tools available to help you stay on track.

2. Pay off your debts.

Debt can be a significant obstacle to financial freedom. It's essential to focus on paying off high-interest debts, such as credit card balances, as soon as possible. This will help you save money on interest charges and free up more money for other financial goals.

3. Build an emergency fund.

An emergency fund is a savings account set aside for unexpected expenses, such as a car repair or medical bill. It's important to have an emergency fund to fall back on so you don't have to rely on credit cards or loans in a pinch. Aim to save enough to cover at least three to six months' worth of living expenses.

4. Invest wisely.

In addition to saving for the short term, it's essential to consider your long-term financial goals. Investing in stocks, mutual funds, or other types of investment vehicles can help you grow your wealth over time. It's never too early to start thinking about retirement, so make sure you're contributing to a retirement account, such as a 401(k) or IRA.

5. Create multiple streams of income.

Having multiple streams of income can help you achieve financial freedom more quickly. This may involve starting a side hustle, investing in real estate, or finding ways to monetize your skills and talents. Diversifying your income streams can help you weather any financial storms that come your way.

Conclusion:

Achieving financial freedom is an attainable goal with the right strategies and discipline. By creating a budget, paying off debts, building an emergency fund, investing wisely, and creating multiple income streams, you can take control of your financial future and achieve the freedom and security you deserve. Remember to stay committed to your goals and be willing to make sacrifices in the short term for long-term gain. With a little effort and planning, you can achieve financial freedom and build a secure and prosperous future.

The Benefits of Hiring an Income Tax Professional

 

Income Tax Professionals: 

What They Do and Why You Need One:

Filing taxes can be a daunting task, but having the right help can make filing your income tax much easier. Income tax professionals are experienced individuals specializing in filing taxes and helping you get the most out of your return. Let’s examine what they do and why you need one. 

What Tax Professionals Do: 

Tax professionals understand the laws and regulations that govern tax filings. They stay up to date on changes in tax laws and know how to apply them to your situation to maximize your return. Tax professionals also have audit experience, should you ever be audited by the IRS. In addition, if you have any legal questions regarding taxation, a qualified tax professional can give you sound advice. 

Why You Need a Tax Professional:

Suppose you are an individual or small business owner. In that case, it is essential to have someone who understands the complex rules of filing taxes to help make sure that everything is done correctly and that you are taking advantage of all deductions for which you qualify. Additionally, many people don’t realize how much help they need until after they’ve started their taxes or received an audit notice from the IRS. Having access to knowledgeable advice from a trusted source before this happens can save time and money in the long run. 

Tax professionals can also provide support beyond simply filing returns each year. Their knowledge of financial planning strategies can help ensure that you are setting yourself up for success financially in the future, as well as reducing your taxable income now. This advice is invaluable when it comes time to retire or make other life decisions with financial implications. 

Conclusion: 

Having a qualified income tax professional on your side can make all the difference when it comes time to file your taxes each year. These experts understand the finer points of taxation law and regulations, allowing them to provide sound advice about filing returns correctly and taking full advantage of available deductions. Furthermore, their knowledge of financial planning strategies can help set up successful financial futures for individuals and small businesses alike! So if you're looking for assistance with filing your taxes this year, consider hiring an income tax professional—you won't regret it!

Tax Preparation & Planning

 

Tax Preparation & Planning

Effective Blue Springs, Missouri, tax preparation and tax planning can help you to minimize your future tax liability. I can help you proactively manage both your personal and your business tax issues, including understanding how upcoming business opportunities impact your tax status and vice versa. Not all tax planning opportunities are readily apparent. By having Alliance Financial & Income Tax on your team, you are more likely to benefit from those opportunities. We understand how the latest federal, state, and local tax legislation and other developments affect you and your business, and I am constantly identifying new ways to reduce federal, state, or local tax liabilities.

It's Tax Time

 

We hope the new year is off to a great start for everyone. We just wanted to touch on a few subjects before tax season gets going. 

We are conducting both in-person and virtual tax appointments.

Our intake forms have been updated and need to be completed before we may prepare your tax returns. This will ensure you do not miss any possible tax credits or deductions. There have been many changes to the tax code in the past couple of years.

We want to make it as easy as possible for you to get your taxes completed. So once you have gathered all the tax documentation, you may:

·  Mail your information to us, and we will contact you with any questions.

·  Stop by the office between 9-5 to drop off.

·  Use our client Secure File Portal

·  Schedule a time for either an in-person or virtual appointment by calling the office or clicking Appointments.

The filing deadline this year for corporate tax returns is March 15th, and for personal tax returns, it is April 18, 2023. To ensure your personal tax return is completed and filed on time, we must receive all your information by April 1st. We will not begin working on your tax return until we receive your information. 

If you require an extension to file, please e-mail Jessica White at jwhite@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. 

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

 

As always, we are in your corner.

 

Mike Mead, EA, CTC

Julie Naudet, AFSP

WARNING: IRS Audits Rapidly Increasing…

 How Confident Are You That Your Tax Return is Accurate?

Could You Be Missing Potential Deductions?

10 million taxpayers missed out on a chance to receive a bigger refund last year simply because they should have filled 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 yearly. 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 let’s face it… There is no substitute for an experienced tax professional who can answer your questions and ask you the questions that might be key to saving you tax dollars.

With our tax return services, you get the following:

•         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. 

5 Financial Tips for Young Adults

As a young adult, it's easy to get caught up in the excitement of starting a career, exploring new opportunities, and building your future. However, it's also important to start thinking about your financial well-being early on. Money may not be the most glamorous topic, but it's an essential part of building a happy and secure future. That's why it's crucial to establish good financial habits and make smart financial decisions from the start.

In this post, we'll explore five financial tips that are especially important for young adults to consider. From saving early and regularly to paying off credit card balances and investing in your future, these tips will help you get on track and set yourself up for financial success.

1. Start saving early and regularly: The earlier you start saving, the more time your money has to grow. Even if you're just starting out and don't have a lot of money to save, it's important to establish the habit of saving regularly. Set up automatic transfers from your checking account to a savings account, and make sure you're contributing to a retirement account, such as a 401(k) or IRA.

2. Create a budget and stick to it: A budget helps you understand where your money is going and where you can cut back. It's important to track your spending and make sure you're not overspending in any one area. There are plenty of budgeting apps and tools available to help you stay on track.

3. Pay off your credit card balance in full each month: Credit cards can be a convenient way to pay for things, but they can also be a financial trap if you're not careful. Interest charges can add up quickly, so it's important to pay off your balance in full each month to avoid paying extra in interest.

4. Build an emergency fund: An emergency fund is a savings account set aside for unexpected expenses, such as a car repair or medical bill. It's important to have an emergency fund to fall back on so you don't have to rely on credit cards or loans in a pinch. Aim to save enough to cover at least three to six months' worth of living expenses.

5. Invest in your future: In addition to saving for the short-term, it's important to think about your long-term financial goals. Investing in stocks, mutual funds, or other types of investment vehicles can help you grow your wealth over time. It's never too early to start thinking about retirement, so make sure you're contributing to a retirement account, such as a 401(k) or IRA.

By following these financial tips, you'll be well on your way to a secure financial future. Remember to stay disciplined and make saving and budgeting a priority. With a bit of planning and effort, you can achieve your financial goals and set yourself up for success. It may not be the most exciting topic, but taking control of your finances now will pay off in the long run. Don't be afraid to seek help from a financial advisor or professional if you need it – it's never too early to start building a solid financial foundation.