Trusts are powerful financial tools that enable individuals to manage and distribute their assets according to their wishes while potentially minimizing estate taxes and probate processes....
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 09/13/2023
Partnerships should use Schedule K-1 tax forms to distinguish partnership income from owners' income. By doing this, your business will more likely avoid the $54,171 tax penalties...
Posted by Taxes Made EZ Inc on 11/17/2022
Settling an estate means paying the final tax bill. You can use the usual tax forms and Internal Revenue Service guidelines to file taxes on behalf of a deceased person, but it is...
Nobody likes to do their taxes, but the task is even more difficult when preparing returns for the death of a spouse or a death certificate. If you are preparing a 1040 federal tax...
Posted by Taxes Made EZ Inc on 02/15/2022
The TCJA (Tax Cuts and Jobs Act of 2017), PL 115-97, made many important changes to the Internal Revenue Code. Among the many changes to the Code, there is a provision on costs associated...
Posted by Taxes Made EZ Inc on 12/10/2021
Taxation of trust fund incomeDeath and taxes are two things that you cannot avoid in life. While there are ways to minimize your tax participation, you certainly can't get rid...
When you lose a loved one, taxes may be the last thing on your mind. But the task of filing the final tax return for a deceased person may fall on a relative or a friend.If you are...
Due to the coronavirus pandemic, the IRS recently announced a 90-day tax payment extension in the U.S. For most Americans, it can be confusing as to what it covers and what the extension...