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Video instructions and help with filling out and completing final estate tax return

Instructions and Help about final estate tax return

Hello this is Ralph um executor tak solutions com we are a public accounting firm that specializes in assisting executor is to ensure all tax returns for an estate are completed and any taxes minimize one of the most common questions we get is regarding what type of returns need to be filed when someone passes away the type of returns that are required will depend on the complexity of the estate there are numerous return that may need to be filed including the following firstly a final or a terminal return is always required secondly optional returns may be required and third of all trust or estate returns will normally be required there are many rules as to how to allocate income and deductions for each return and there are many tax saving opportunities available which we have expertise in another question people ask us is what is a deem disposition when a person dies it is normally considered that the person has disposed all capital property right before death this is called a deem disposition a deem disposition on assets takes place on the date of death these assets can include shares rental property RSP and riff accounts another question people ask us is what is an estate or trust return an estate or trust return is prepared annually for income generated by the estate for the period after the date of death of the deceased taxpayer until all the assets of the estate are distributed this may include interest and dividends from investments held by the estate filing the final or terminal returns and trust or estate returns can be a very complicated situation as every scenario is different there are many tax saving opportunities that are available we will review your situation and minimize the taxes of your state as much as possible please phone us at 4 16 6 26 27 27 or email us at info and executor tax solutions com and one of our professionals will be happy to meet with you.

FAQ

What is a tax return, and how do I get the taxes back?
What is a tax return?There are different types of tax returns, but I'll assume you mean an income tax return.An income tax return is basically a form that you fill out annually which reports the income you made for the year.  Income can mean money you made as an employee, an independent contractor, gains from the sales of securities or other investments, among other things.Offsetting all these types of income are tax deductions.  The federal government allows you a 'standard deduction' which is a fixed amount that can change from year to year.  There is also something called 'itemized deductions' which are amounts you paid for things like mortgage interest, state income taxes, charitable contributions, real estate (property) taxes, unreimbursed job expenses, and a few others.  It is to your advantage to use whichever deduction type is greater, as it will lower your taxable income.How do I get my taxes back?I can't tell if this is just awkward phrasing on your part or if you are completely misunderstanding that the taxes deducted on your paychecks will be 'refunded' to you, but let me try to explain.You may get nothing back even have to pay more when you file your tax return.Here is how this works.  If you work for a company, they withhold both federal and, in all probability, state income taxes from your paycheck.  Some states do not have an income tax, so you may be lucky enough to live in one of those states.So, throughout the year, you're paying against an unknown liability, via your payroll tax deductions.  Your tax liability is not known throughout the year and only becomes known when you tabulate everything (i.e. basically, total income minus total deductions) at the end of the year. For example, if your final tax liability turns out to be $10,000 for the year and the aggregate of your payroll deductions throughout the year total only $9,000, you will owe and additional $1,000.  If, on the other hand, your payroll deductions totaled $11,000 instead of $9,000, you will get a refund of $1,000 instead of having to pay $1,000.Conclusion and summary.This is an extremely high level and conceptual explanation of what a tax return is.  There are literally thousands of pages of literature which outline the many nuances of tax law and the variables not discussed in this answer.
How do I submit income tax returns online?
Here is a step by step guide to e-file your income tax return using ClearTax. It is simple, easy and quick.From 1st July onwards, it is mandatory to link your PAN with Aadhaar and mention it in your IT returns. If you have applied for Aadhaar, you can mention the enrollment number in your returns.Read our Guide on how to link your PAN with Aadhaar.Step 1.Get startedLogin to your ClearTax account.Click on ‘Upload Form 16 PDF‡ if you have your Form 16 in PDF format.If you do not have Form 16 in PDF format click on ‘Continue Here’Get an expert & supportive CA to manage your taxes. Plans start @ Rs.799/-ContinueWhat are you looking for?Account & Book KeepingCompany RegistrationGST RegistrationGST Return FilingIncome Tax FilingTrademark RegistrationOtherStep 2.Enter personal infoEnter your Name, PAN, DOB and Bank account details.Step 3.Enter salary detailsFill in your salary, employee details (Name and TAN) and TDS.Tip: Want to claim HRA? Read the guide.Step 4.Enter deduction detailsEnter investment details under Section 80C(eg. LIC, PPF etc., and claim other tax benefits here.Tip: Do you have kids?Claim benefits on their tuition fees under Section 80CStep 5.Add details of taxes paidIf you have non-salary income,eg. interest income or freelance income, then add tax payments that are already made. You can also add these details by uploading Form 26ASStep 6.E-file your returnIf you see “Refund” or “No Tax Due” here, Click on proceed to E-Filing.You will get an acknowledgement number on the next screen.Tip: See a “Tax Due” message? Read this guide to know how to pay your tax dues.Step 7: E-VerifyOnce your return is file E-Verify your income tax return
How could the federal government and state governments make it easier to fill out tax returns?
Individuals who don't own businesses spend tens of billions of dollars each year (in fees and time) filing taxes.  Most of this is unnecessary.  The government already has most of the information it asks us to provide.  It knows what are wages are, how much interest we earn, and so on. It should prthe information it has on the right line of an electronic tax return it provides us or our accountant.  Think about VISA. VISA doesn't send you a blank piece of paper each month, and ask you to list all your purchases, add them up and then penalize you if you get the wrong number.  It sends you a statement with everything it knows on it.   We are one of the only countries in the world that makes filing so hard. Many companies send you a tentative tax return, which you can adjust. Others have withholding at the source, so the average citizen doesn't file anything.California adopted a form of the above -- it was called ReadyReturn. 98%+ of those who tried it loved it. But the program was bitterly opposed by Intuit, makers of Turbo Tax. They went so far as to contribute $1 million to a PAC that made an independent expenditure for one candidate running for statewide office. The program was also opposed by Rush Limbaugh and Grover Norquist. The stated reason was that the government would cheat taxpayers. I believe the real reason is that they want tax filing to be painful, since they believe that acts as a constraint on government programs.
How can I fill out the income tax return of the year 2016-17 in 2018?
There is no option to file online return but you can prepare an offline return and went to the officer of your jurisdiction income tax commissioner and after his permission you can file the return with his office.
Does every adult US citizen have to fill out an IRS tax return?
They don’t.If you earn no income. you don’t have to fill out a return.If you earn under a certain amount, you don’t have to fill out a return.If you earned money and had an adequate payroll deduction to earn a refund, you don’t have to fill out a return (you would however, forfeit your refund by doing so).Whether to file a return depends on your income, your situation and in some cases, whether you wish to collect a refund due to you.
How much would an accountant charge me for filling out a Quarterly Federal Tax Return (941) in Texas?
For full service payroll I charge $100 per month for up to 5 employees.  That includes filing the federal and state quarterly returns and year end W2's.If you just need the 941 completed and you have all of your payroll records in order, then the fee would be $50 to prepare the form for you.  Note that you also need to file a quarterly return with TWC if you have Texas employees.
Are tax returns easier or harder to fill out than last year?
Tax returns in general should be much easier to complete than last year.Many more people will be using the standard deduction rather than going through the extra steps required to itemize. The roughly doubling of the standardized deduction, limitations placed on deductibility of state and local taxes and elimination of some miscellaneous deductions will drive filers to the standardized deduction.Raising the Alternative Minimum Tax exemption will dramatically reduce the number of filers who will be affected by AMT again making filing easier.Those changes reduced my tax preparation time by 50%.
How do I file my income tax myself?
Greeting Friends !!!If you are going to file it yourself, then following is the procedure:-Before you start the process, keep your bank statements, Form 16 issued by your employer and a copy of last year's return at hand. Next, log on to http://incometaxindiaefiling.gov...Follow these steps:Step 1: Register yourself on the website. Your Permanent Account Number (PAN) will be your user ID.Step 2: View your tax credit statement ‡ Form 26AS ‡ for the financial year 2015–16 . The statement will reflect the taxes deducted by your employer actually deposited with the I-T department. The TDS as per your Form 16 must tally with the figures in Form 26AS. If you file the return despite discrepancies, if any, you could get a notice from the I-T department later.Step 3: Under the 'Download' menu, click on Income Tax Return Forms and choose AY 2018–19 (for financial year 2017–18 ). Download the Income Tax Return (ITR) form applicable to you.Step 4: Open the downloaded Return Preparation Software (excel or Java utility) and complete the form by entering all the details , using your all documentsStep 5: Ascertain the tax payable by clicking the 'Calculate Tax' tab. Pay tax (if applicable) and enter the challan details in the tax return.Step 6: Confirm all the information in the worksheet by clicking the 'Validate' tab.Step 7: Proceed to generate an XML file and save it on your computer.Step 8: Go to 'Upload Return' on the portal's left panel and upload the saved XML file after selecting 'AY 2018-2021 ' and the relevant form. You will be asked whether you wish to digitally sign the file. If you have obtained a DS (digital signature), select Yes. Or, choose 'No'.Step 9: Once the website flashes the message about successful e-filing on your screen, you can consider the process to be complete. The acknowledgment form ‡ ITR—Verification (ITR-V ) will be generated and you can download it.Step 10: you can Verify online with EVC Pin or Take a printout of the form ITR-V , sign it preferably in blue ink, and send it only by ordinary or Speed post to the Income-Tax Department-CPC , Post Bag No-1 , Electronic City Post Office, Bangalore - 560 100, Karnataka, within 120 days of filing your return online.Its Advisable to go with CA help for filling Tax return. There are lots of amendment come in every year, to file accurate return and Tax planning benefit etc so Prefer to go with expert like CA, Tax Preparer etc…Be Peaceful !!!
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