Flex Tax and Consulting Group (FTCG)
The IRS on Wednesday issued the 2020 annual inflation adjustments for many tax provisions as well as the 2020 tax rate tables for individuals and estates and trusts (Rev. Proc. 2019-44). These adjusted amounts will used to prepare the tax year 2020 returns in 2021. Many amounts will increase in inflation in 2020. The standard […]
IRS posts 2020 inflation adjustments and tax tables Read More »
Before Dec. 31, think about how you can help your tax situation for this year. By following year-end tax tips, you can prepare in 2019 to save on taxes due April 15, 2020. Compare standard versus itemized deductions — Your current or planned 2019 itemized deductions might be more than your standard deduction. If so,
You’ve submitted your tax return for the year, so now what do you do? Instead of shoving all your records into a disheveled pile in a closet, now is a good time to get organized. Here are some tips on organizing tax records after you file to make sure you’re ahead of the game next year.
Organized Your Tax Paperwork Read More »
Just when you were starting to get comfortable with your annual chore of tax filing, things changed. The 2018 tax reform bill hit the scene. Over the past year, you’ve heard about updates ranging from tax rates to deductions, and your head is spinning. Not that you’ve ever loved tax season (who does?), but now
Your 2019 Taxes: What You Need to Know About the Tax Reform Bill Read More »
An A/B/C Trust (sometimes referred to as a “Q-TIP” or “Qualified Terminable Interest Property” Trust) is similar to an A and B Trust in purpose and function. However, an A/B/C Trust is for married couples with estates that are clearly above the estate tax exemption amount. The benefit of an A/B/C Trust as opposed to
Do You Need to File a Tax Return for the Estate? 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 income tax return for the estate, as well as a final personal income tax return for the
Estate & Trust Tax Return Tips for the Clients Read More »
Election to Treat Certain Payments of Estimated Tax as Paid by the Beneficiary A trustee may elect to treat any portion of a payment of estimated tax made by a trust as a payment made by a beneficiary of the trust. This election may also made by the executor of an estate in a tax
Two Timely Elections That Trustees and Executors Should Consider Now Read More »
