Who should inherit your wealth?

 

The decision of who should inherit your wealth is a personal one and will depend on your individual circumstances and preferences.

One option is to leave your wealth to your spouse or other family members, such as your children or parents. This can be a way to ensure that your loved ones are financially secure after you are gone and can help to maintain family harmony.

Alternatively, you may choose to leave your wealth to charitable organizations or causes that you care about. This can be a way to give back to your community and make a lasting impact on issues that are important to you.

It's essential to consider the financial needs and circumstances of those who will inherit your wealth, as well as any potential conflicts or issues that may arise. For example, if you have children from a previous marriage, you may want to consider how to fairly distribute your wealth among them.

It's also a good idea to consult with a financial advisor or attorney to ensure that your wishes are properly documented and carried out.

In conclusion, deciding who should inherit your wealth is personal and will depend on your circumstances and preferences. It's essential to consider the financial needs and circumstances of those who will inherit your wealth, as well as any potential conflicts or issues that may arise. By carefully considering your options and seeking professional guidance, you can ensure that your wealth is distributed according to your wishes.

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

 

Larry Lepard: "Economic Debt Doom Loop" Unfolding, Sound Money is the So...

The benefits of having a Kansas City tax refund direct deposited.

Receiving a tax refund is happy news to any taxpayer; getting it quickly is even better. Direct deposit is the safest and most convenient way to receive a tax refund. The IRS encourages taxpayers to file when they are ready and choose direct deposit to receive any refund they may be owed.

Benefits of choosing IRS direct deposit:

• It's fast. The fastest way for taxpayers to get their refund is to file electronically and choose direct deposit. Visit IRS.gov for details about IRS Free File, Free File Fillable Forms, free tax return preparation and more. Taxpayers who file a paper return can also choose direct deposit, but it will take longer to process the return and get a refund.
• It's secure. Since refunds are electronically deposited, there's no risk of having a paper check stolen or lost in the mail.
• It's easy. Taxpayers can simply follow the instructions when selecting direct deposit as a refund method and enter their account information as directed. They must enter the correct account and routing numbers when they file.
• It provides options. Taxpayers can split a refund into several financial accounts. These include checking, savings, health, education and certain retirement accounts. They should use IRS Form 8888, Allocation of Refund, Including Savings Bond Purchases to deposit a refund in up to three accounts. This form cannot be used to designate part of a refund to pay tax preparers.

Taxpayers should deposit refunds into U.S. bank accounts in their own name, their spouse's name or both. They should 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.

Get a bank account
Taxpayers who don't have a bank account can visit the FDIC website for information on banks that let them open an account online and how to choose the right account. Veterans can use the Veterans Benefits Banking Program for access to financial services at participating banks.

Mobile apps may be an option
Some mobile apps and prepaid debit cards allow for direct deposit of tax refunds. They must have routing and account numbers associated with them that can be entered on a tax return. Taxpayers should check with the mobile app provider or financial institution to confirm which numbers to use.

Taxpayers must have their routing and account numbers for direct deposit available when they are ready to file. The IRS can't accept this information after a return is filed.

There is a limit of three direct deposit refunds made into a single financial account or prepaid debit card.

Why Hire a Kansas City Tax Professional

Why would you want to come to a Kansas City tax professional like me when I don't offer my services for free....and, unlike a specific off-the-shelf tax software....I will never try to entice you into my business by offering you $100?

Why won't I?

Because I'm not a gimmick.  I'm not trying to sell you something that may or may NOT be in your best interest; hoping you won't read the fine print.   

No - I prefer to have you choose me because of my reputation.  

When you want a wedding cake, do you hire a professional, or do you go buy a few boxes of cake mix, and some canned frosting and hope for the best?

What I offer is more than just tax prep.   I offer knowledge that you don't have.  I have answers to your questions. And most importantly, I offer peace of mind.  You know I'll be here whenever you need me.

There is so much more to taxes than just plunking numbers into the tax software.   If you can't analyze the output and determine that it makes sense...if you have to go on Facebook and ask perfect strangers if what you are doing is correct....then you are in over your head.

I will never offer to make you a wedding cake...nor will I advise you on how to do so.  What I do offer is tax knowledge and professional integrity.  

Don't trust important events to boxed software or boxed cake.   There are two who you don't want mad at you:  Your bride and the IRS.

Trust a professional for important occasions.   Hire a Kansas City Enrolled Agent.  Competent, trustworthy, and quite the cake eater.   

Mike Mead, EA, CTC

Simple Tax Question...

When someone calls or emails me with what they think is a Simple Tax Question, they think that by giving me Fact A + Fact B + Fact C + Fact D, with my astounding analytical skills, I can put those facts into my mondo-superconductive-massively-powerful tax brain and spit out a definitive answer to their Simple Tax Question.

Taxpayers are thinking in linear terms.

Tax work is not linear and can't be solved by linear thinking.

Most situations involve a series of questions in order to have all the facts necessary to come up with an answer.    Knowing what questions to ask...and when it's necessary to dig deeper is what makes tax work challenging and rewarding.

You can't give good tax advice with limited information any more than you can make good paella with limited ingredients.

Taxes and paella.   Both involve a lot of ingredients.

For Kansas City, tax preparation services contact Alliance Financial & Income Tax today at 816-220-2001.

DIY Tax Software Football Ads

After seeing the boxed software's ad for the hundred-zillionth time during football last week, the ad where they say (paraphrasing) 'This is you not doing your taxes' or something equally as stupid and unmemorable (which is why I can't remember it) I went to their website and looked up what they're going to charge you.

For you to 'not do your taxes' with them, you will be spending a considerable chunk of change.

I'm assuming that you won't see the preparer face-to-face.  I don't know if they will have you fill out their paper interview or if they will interview you via Zoom?   

If you're going to pay $200 and up, why wouldn't you just use a local Enrolled Agent? Somebody who will be there for you in the offseason? Is somebody you know you can get a hold of when you need assistance?

Contrary to their claims, when it's tax season, you will be doing your taxes whether I prepare them,  they prepare them, or you prepare them. There is a certain amount of work that you have to do to facilitate that.  

You can go mountain climbing afterward, but tax work is a hand-in-hand process.  

I'll do the hard part, but I need your assistance with documents and answers to my questions.  Don't let an ad fool you.

Today, I may take a nap.  The equivalent of mountain climbing season is about to start for me, and I am trying valiantly to get rested up, but football is getting in the way.   😂

See you soon.

Mike Mead, EA, CTC

https://www.afitonline.com/appointments

816-220-2001

Christian Health Sharing

The amount you pay to a Christian Health Sharing ministry is not deductible on your federal tax return as health insurance because it's not insurance, it's a sharing ministry.

Unless you give something above and beyond your premium amount, it's also not deductible as a charitable contribution.

If you file a Missouri tax return, however, the amount you pay to a Christian Health Sharing ministry is deductible on the Missouri tax return.