Individual, Trust & Estate Tax Services

In addition to the general tax rules that apply to all individuals, some individuals are subject to special tax rules that apply to them because of their occupation, investments, or life events. While many clients have relatively basic tax situations, such as wage income, interest, dividends and itemized deductions, many more have special situations that require the special level of expertise that we serve. Some special situations that we commonly service include but are not limited to:

  • Sole proprietors or single member LLC owners who operate a business
  • Some may have home office deductions to consider
  • Bought or sold business assets
  • Investors buying and selling stocks, bonds or other types of investments
  • Owners of commercial or residential rental properties
  • Purchased or sold a primary residence and may have relocated to a new town or city
  • Paid for child care or paid for higher education expenses during the year
  • Paid a household employee cash wages during the year
  • Have K-1 income from a partnership, S-corporation or trust
  • Have K-1 income from oil & gas, hedge fund or other types of investments
  • Have foreign earned income as a result of being assigned to work abroad for a period of time
  • Have an interest in foreign bank accounts or own assets in countries outside the USA
  • Have a requirement to file returns for multiple states.  We prepare returns for more than a dozen states and for Washington, DC filers as well.

Estates and non-grantor trusts must file income tax returns just as individuals do, but with some important differences. For one, their income is taxed at either the entity or beneficiary level depending on whether it is allocated to principal or allocated to distributable income, and whether it is distributed to the beneficiaries. And because their exemption amounts, tax brackets and related thresholds haven’t been indexed for inflation or modified for tax relief to the extent those for individuals have, they can be subject to higher tax rates at much lower levels of income.

If you have an estate or trust income tax return filing requirement, we can help – call us.