Estates and Trusts Tax Returns
We understand the complexity of managing Estates and Trusts and how to maintain compliance. At Specialists Accounting we work with both trustees and executors to determine taxable income and accurately prepare and file taxes.
We help to:
Determine income from date of death and prepare final tax return Form - 1041
Prepare forms 706 – Estate and
Generation-Skipping Transfer Tax Returns
Determine credits and deductions applicable to the Estate or Trust
Gift Tax Returns
Preparation of a gift-tax returns, although not very common are very important to high-net-worth families, especially if an estate tax return filing will be required in the future.
We work with families to determine:
Annual taxable gifts
Gift-splitting between spouses
Keep track of cumulative value of gifts given and its effect on the Estate