Alliance Financial & Income Tax

10/28/2026

Medicare Advantage—Medicare Part C—is coverage from a private health insurance plan. Learn about the differences between Medicare Advantage and Original Medicare coverage here:

Medicare Part C allows you to choose a Medicare Advantage plan. This article will help you decide if it's right for you.

10/28/2026

⚠️ A W-2 paycheck doesn't automatically cover the taxes on your side income.

Maybe you worked a regular job in 2026 and also freelanced, did contract work, started a side business, or earned rental income.

Here's the potential tax surprise: your employer withholds taxes based on payroll information—not necessarily all the additional income you're earning elsewhere.

That can leave you owing federal income tax, possibly self-employment tax on business profit, and Missouri income tax.

Before the year ends, consider three checks:
1. Add up your income from ALL sources, not just your W-2 job.
2. Compare taxes already withheld or paid with an estimated full-year tax projection.
3. Determine whether adjusting remaining paycheck withholding or making estimated payments makes sense. The final 2026 estimated-tax installment is generally due January 15, 2027.
One detail people miss: a January payment doesn't automatically undo underpayment penalties from earlier in the year.

💬 Quick question: What's more confusing—knowing WHEN estimated payments are needed, or figuring out HOW MUCH to pay? (No personal tax figures in the comments.)

At Alliance Financial & Income Tax in Blue Springs, we help individuals and small-business owners evaluate their complete tax picture, not just one source of income.

If your 2026 earnings changed, send us a private message about a year-end tax projection.

10/27/2026

**A Roth conversion isn't automatically a tax-saving move. Here's what can catch people off guard.**

You can transfer money from a traditional IRA to a Roth IRA without spending a dollar of it—and still create additional taxable income on your 2026 tax return.

Before converting, three questions deserve an answer:

**1. How much of the conversion is actually taxable?** If you've made nondeductible IRA contributions, the calculation may be different from what you expect.

**2. What does your entire 2026 income picture look like?** Wages, pensions, business income, and other taxable items can change the result.

**3. What if you change your mind?** Under current tax law, a completed Roth conversion generally can't be reversed through recharacterization.

A conversion can be appropriate in some situations, but the tax consequences should be calculated before you make the decision—not discovered when you file in April.

💬 **Quick question:** If you were considering a Roth conversion, what would you want explained first—the estimated tax bill or how it affects the rest of your return?

At Alliance Financial & Income Tax in Blue Springs, we help clients evaluate the tax impact of major year-end decisions. If a 2026 conversion is on your mind, send us a private message to discuss a personalized tax projection.

10/26/2026

The final stretch of the year is officially underway, and the holidays will be here before you know it. 🍂 Now is the time to make sure your year-end financial to-do list is actually getting done, reviewing your withholdings, maximizing retirement contributions, organizing receipts for deductions, and checking in on your bookkeeping before things get busy. Alliance Financial & Income Tax in Blue Springs, Missouri helps individuals, families, and business owners stay ahead of the curve instead of scrambling in January.

Let's tackle your year-end checklist together. Reach out to Alliance Financial & Income Tax today!

10/26/2026

Most people think about taxes when it’s time to file the return.

The problem is that by then, many of the best planning opportunities are already gone.

Between now and December 31, there may still be time to look at things such as:

• Retirement contributions
• Roth conversions
• Business equipment or vehicle purchases
• Estimated tax payments
• Capital gains and losses
• Rental property income and expenses
• Business income and deductions
• Changes in withholding

The goal of tax planning isn’t simply to get a refund. It’s to understand where you stand before the year is over and make good decisions while you still have options.

What is one tax question you’ve been meaning to ask before the end of the year?

Alliance Financial & Income Tax
Serving Blue Springs and the Kansas City area since 2002.

10/26/2026

Before you start house hunting, find out what you can realistically afford. This calculator factors in your income, debts, and down payment to give you a number.

10/26/2026

How many years before you are ready to be “retired”?

It’s one of the most important numbers yet.

TIAA's 2026 longevity literacy research found that workers who expect a shorter retirement save less consistently than those who expect a longer one.

That makes sense, but it also means the people who assume their retirement will be short are the same ones who may be building portfolios with shorter time horizons.

Once someone has already reached 65, the numbers shift.

According to Social Security Administration data:

📌 A 65-year-old man has roughly a 24 percent chance of living past 90

📌 A 65-year-old woman's chances are higher, closer to 35 percent

📌 For a 65-year-old married couple, there is about a 50 percent chance that at least one spouse lives past 90

The practical implication is not "assume you will live to 100."

It’s that a retirement income strategy built around the “average lifespan” often assumes a person will die on schedule. Most people do not.

If retirement is on your horizon, the question to ask is, "What happens to my income strategy if I live to 95?"

10/25/2026

📬 Got a tax letter? Don't assume the amount on it is automatically correct.

A letter from the IRS or Missouri Department of Revenue can be unsettling—especially when it shows a balance due.

But not every notice is an audit, and not every IRS notice requires a reply.

Before you respond, check three things:

1️⃣ What tax year and issue does the letter address? Read every page, not just the amount shown.

2️⃣ Does it match your filed return and supporting records? A notice may involve missing information or a proposed adjustment.

3️⃣ Is there a response deadline? If the agency requests information or you disagree, follow the notice's instructions on time. Keep copies of everything.

💬 Quick question: Which part of a tax notice would you most want explained first—the reason, the amount, or the deadline?

(No personal details in the comments, please.)

At Alliance Financial & Income Tax in Blue Springs, we help individuals and business owners understand IRS and Missouri tax correspondence.

If you've received a notice that doesn't make sense, reach out privately about having it reviewed.

10/24/2026

What Changed for You in 2026? Your Taxes May Have Changed, Too!

Life doesn't stand still, and neither does your tax situation.

As we approach the final months of 2026, now is a good time to consider whether something happened this year that could affect your taxes.

Here are a few questions worth asking yourself:

✅ Did you change jobs or retire?

✅ Did you start a business, expand an existing business, or earn additional self-employment income?

✅ Did you sell a home, rental property, or other investment?

✅ Did you take money from a retirement account or consider a Roth conversion?

✅ Did your income increase or decrease significantly?

✅ Have you reviewed your charitable contributions, deductions, and estimated tax payments?

Here's something important to remember:

Tax preparation tells us what happened last year. Tax planning helps us evaluate what we can do before the current year ends.

Many tax-planning opportunities depend on decisions made before December 31. Waiting until your tax appointment next spring may mean some options are no longer available.

At Alliance Financial & Income Tax, we've been helping individuals, families, and small-business owners throughout the Kansas City area since 2002.

Our goal is to help clients understand their tax situations and make informed decisions throughout the year.

Have questions about how 2026 changes might affect your taxes?

Contact our office to discuss whether a year-end tax-planning review would be appropriate.

🌐 AFITonline.com

Alliance Financial & Income Tax
Blue Springs, Missouri
Veteran-Owned | Serving Our Community Since 2002

10/23/2026

You’ve heard Medicare Parts A, B, C, & D referenced, but what do they mean—and what do they cover? Find out more here:

Medicare is broken down into four specific parts—but what do they mean? This article will help you understand each piece.