Don’t count on Turbo Tax or branded tax shops like H&R Block to spot every tax deduction available to you under the law. If you have rental income, self employment income, are subject to the AMT, or find doing your own taxes to be complicated, odds are you are leaving thousands of dollars in tax savings on the table every year.
Your corporation may require a little or a lot of tax maintenance, depending on how large it has become and how much income and expense it generates. Our professionals are well versed when it comes to the various annual and quarterly corporate tax forms that you may be required to file.
Partnerships must file Form 1065 and provide a Schedule K-1 to the IRS and each partner every year. Partners report this profit and loss information on their individual tax returns. Also, partners must estimate the amount of tax they will owe for the year and make payments to the IRS (and usually to the appropriate state tax agency) each quarter to avoid penalties.
Trust income is taxed at either the entity or the beneficiary level, depending on whether: (1) each income, loss, or deduction item is part of the trust’s distributable income, or part of a change in the principal, and (2) the income, loss, or deduction item is distributed to the beneficiaries, or retained by the trust. For these and other reasons, a trust can be a very powerful tax planning tool.
A deceased person’s estate is a separate legal entity for federal income tax purposes. If you’re the executor of someone’s estate, you may need to file an estate tax return as well as a final personal income tax return for the deceased person. The executor must file an estate tax return if the estate has: (1) gross income for the tax year of $600 or more, or (2) a beneficiary who is a nonresident alien.
You can give up to the annual exclusion amount each year to as many people as you like, gift-tax free, with no impact on your lifetime exclusion amount. Gifts above this amount count against your lifetime exclusion and must be reported on Form 709, even if you don’t owe tax. The annual and lifetime exclusion amounts vary from year to year.
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Robert E. Jeppson, Esq.
3680 Grant Drive, Suite G
Reno, NV 89509
Work: (530) 600-2338
Fax: (530) 578-7000
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