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A living trust is a common solution for many people with estate planning needs. However, few people know about its tax-filing requirements. Generally, any trust with at least $600 in annual income ...
A charitable remainder unitrust (known as a "CRUT") is an irrevocable trust created under the authority of the United States Internal Revenue Code § 664 [1] ("Code"). This special, irrevocable trust has two primary characteristics: (1) Once established, the CRUT distributes a fixed percentage of the value of its assets (on an annual or more frequent basis) to a non-charitable beneficiary ...
For tax-filing season 2024, the IRS announced a pilot of Direct File, ... Form 1041, U.S. Income Tax Return for Estates and Trusts (for 1993 and prior years, ...
Everyone's favorite time of year is right around the corner: Tax Day! Filing and paying taxes is a part of life for everyone who works in the U.S. Making sure you file your tax return correctly is...
A professional tax preparer is not only familiar with tax laws and how to file but can also help navigate things like deductions, tax credits, and whether a married couple should file jointly or ...
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.