Estate, Trust, & Gift Tax Preparation

estate tax preparationOften, you will find that you’ve become a trustee or an executor of an estate without preparation or during a stressful life event, like the death of a loved one.

We’re here to help you understand the importance of estate tax preparation, how the tax law applies to your situation, and give you peace of mind as you handle the affairs of the estate or trust. Our intention is not only to prepare these tax filings, but to give you confidence in your role as trustee or personal representative.

Estate Tax Preparation

The administration of an estate can be a daunting task for those put in the unfortunate situation of losing a loved one. Let GPS help you navigate through the requirement for preparing your loved one’s estate tax or estate income tax filings.

GPS offers a basic estate tax preparation guarantee that if we are responsible for a mistake on your tax return, we will fix the issue without charge and pay any penalties associated with the mistake as long as we are notified immediately (taxpayer is responsible for any tax and interest due).

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 Return for Estates and Trusts. Our fee for estate income tax (Form 1041) preparation is typically $450 to $850 depending on the organization of your record keeping, the number of forms & schedules, and if you use our simple, fillable PDF tax organizers. Although the above fee range includes one state tax return, the preparation of additional states is $75 per state tax return ($100 for CA & NY state tax returns).

The cost of your estate tax preparation includes the following services:

  • Annual estate federal tax return (Form 1041) with all required forms & schedules
  • Annual estate state(s) tax return with all required forms & schedules
  • Determination of calendar or fiscal year election
  • Application for Federal Identification Number (EIN) for the estate
  • Calculation of your safe harbor quarterly estimated tax payments, if applicable
  • Preparation of Schedule K-1’s for distribution to beneficiaries
  • Guidance in determining the step-up basis of the estate’s assets
  • E-filing
  • Full year, 24/7 access to your online document storage through your private portal for your tax documents
  • Use of mobile app for uploading picture documents to your estate tax preparation portal
  • Reduced rate for research regarding your complex tax questions
  • Reduced rate for IRS & State notice and audit support
  • Full year phone & email support throughout the year for your estate tax preparation and business questions

Some estates are required to file a tax return that lists all the assets of the estates. These assets include bank accounts, stocks, real estate, IRAs, pensions, annuities and the like. This is called Form 706 – Estate Tax Return. Our fee for this estate tax preparation (Form 706) begins at $1,500 and increases depending on the complexity and size of the estate. GPS will help you determine if you have a taxable estate at the federal and state level and discuss your filing requirements. We will also discuss the possible need for an estate tax filing to transfer the estate tax exemption of your loved one to your own estate.

Trusts

You may find yourself in the role of trustee with little training or experience. GPS will review your trust document to help you to understand what tax filings are needed and the impact on the beneficiaries.

Trusts report their income and expense on Form 1041- Income Tax Return for Estates and Trusts. In some cases, the trust will pay any tax due on the Form 1041. However, in other cases the beneficiaries pay the tax on their personal tax return (Form 1040). GPS will help you understand your specific tax situation and prepare these returns.

GPS offers a basic guarantee that if we are responsible for a mistake on your tax return, we will fix the issue without charge and pay any penalties associated with the mistake as long as we are notified immediately (taxpayer is responsible for any tax and interest due).

Our fee for trust income tax (Form 1041) preparation is typically $450 to $850 depending on the organization of your record keeping, and the number of forms & schedules. Although the above fee range includes one state tax return, the preparation of additional states is $75 per state tax return ($100 for CA & NY state tax returns).

The cost of your tax preparation includes the following services:

  • Annual trust federal tax return (Form 1041) with all required forms & schedules
  • Annual trust state(s) tax return with all required forms & schedules
  • Review of trust document to determine correct trust type
  • Application for Federal Identification Number (EIN) for the estate
  • Calculation of your safe harbor quarterly estimated tax payments, if applicable
  • Preparation of Schedule K-1’s for distribution to beneficiaries
  • Guidance in determining the step-up basis of the estate’s assets
  • E-filing
  • Full year, 24/7 access to your online document storage through your private portal for your tax documents
  • Use of mobile app for uploading picture documents to your portal
  • Reduced rate for research regarding your complex tax questions
  • Reduced rate for IRS & State notice and audit support
  • Full year phone & email support throughout the year for your tax and business questions

Gifts

If you have gifted more than the annual gift-tax-free amount, currently $14,000, to someone during a given tax year, you are required to file a Gift Tax Return (Form 709) due April 15th of the following year. The annual gift tax exclusion can be given to as many individuals one desires without triggering the gift tax.

Our fee for gift tax (Form 709) preparation is typically $250 to $500 depending on the organization of your record keeping, and the number of forms & schedules.

For more information on trust or estate tax preparation, contact Gallati Professional Services.

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