Experience is vital in trust and estate work because errors made in preparing estate and trust tax returns can last for generations. Our firm prepares countless trust and estate tax returns each year. Our investment in computerized fiduciary tax preparation and research software enables us to accurately and efficiently prepare returns for estates or trusts.
Many small CPA firms don’t offer tax preparation services for estates and trusts. While they may offer more services, many large CPA firms don’t offer the same service and attention that smaller firms can. They can be intimidating or their fees may be out of reach. Cayton & Associates offers both. We have the services and personal attention that you deserve. Our intention is not only to prepare these tax filings, but to give you confidence in your role as executor or personal representative.
Estate Tax Preparation
You will, most likely, only be an executor or personal representative of an estate once or twice in your life. It may seem overwhelming to understand what tax filings are needed and how all this impact the heirs.
We are here to walk you through the tax process and give you peace of mind as you handle the affairs of your loved one.
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. 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.
We can help evaluate your unique situation to determine which filings are needed and prepare the returns.
All estates must also prepare the 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. We can help sort this out and prepare the return.
Trust Tax Preparation
You may find yourself in the role of trustee with little experience or training. It can seem daunting to understand what tax filings are needed and how all this impact the beneficiaries.
We’re here to walk you through the tax process and to give you peace of mind as you manage the trust.
Trusts report their income and expense on Form 1041- Income Tax Return for Estates and Trusts. In some cases, the trust pays any tax that is due. In other cases the beneficiaries pay the tax. We can help you understand your specific tax situation and prepare these returns.