Estate & Trust Tax Preparation Atlanta, Marietta & Peachtree Corners, GA

Most likely, you’ll only be an executor or personal representative of an estate once or twice in your lifetime. It is an overwhelming task to understand which tax filings are needed and how handling the estate will impact the heirs.

We will help you through the tax process and give you peace of mind as you handle the affairs of the estate or trust.

Large estates are required to file a tax return that lists all the assets of the estate. These assets include bank accounts, stocks, real estate, IRAs, pensions, annuities and the like. This is called Form 706 – Estate Tax Return. Some estates may also need to file a tax return that reports the income earned from the date of death to the date assets are distributed to the heirs. This is called Form 1041 – Income Tax Returns for Estates and Trusts. In some cases, the trust pays any tax that is due. In other cases, the beneficiaries will pay the tax.

The estate must also prepare a final individual income tax return. This return reports the income earned from January 1st until the date of death. It can be challenging to know exactly how to handle certain types of income on the final 1040 and 1041.

With our tax services near Atlanta, GA, and in Marietta, GA, and Peachtree Corners, GA, we help you evaluate your unique situation to determine which filing is needed and accurately prepare the returns.

What is Estate Planning?

Estate planning is establishing a plan to avoid or minimize Federal and state taxes assessed upon a taxpayer estate upon his or her death.

Are trust preparation fees tax deductible?

Yes, fees are deductible.

Am I required to file an estate tax return?

The Federal exclusion amount for 2019 is $11,400,000, however you may want to file even if you do not meet the exclusion amount in order to make an election to pass the unused portion of the exclusion to the surviving spouse. State exclusion amounts may be lower than the Federal exclusion.

When can I expect an Estate Tax Closing Letter?

Estate Tax Closing Letters usually take about twelve months.

What deductions are available to reduce the Estate Tax?

There are numerous deductions. You should consult with a CPA to review the assets and deductions of the estate and prepare the tax returns.

Will I be penalized for lodging my return late?

You will be penalized for late filing of Estate Tax Returns and late payment of Estate Taxes.