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Estate, Trust and Gift Tax Returns

Gonzalez & Company, C.P.A., P.A., prepares Estate, Trust and Gift tax returns.  Competence, integrity and fairness to our clients are the cornerstones of our CPA Firm.

Estate Income Tax Return

Do you need to file an estate income tax return?  For starters, a final 1040 individual tax return needs to be filed on behalf of the decedent.  This is typically filed by the spouse, personal representative or estate administrator.  The final 1040 is due by April 15th of the following year.   

If you are the personal representative or administrator of an estate, an estate income tax return must be filed for any estate that has income earning assets at the end of the year.  It will necessary to obtain an Employer Identification Number or EIN from the IRS for purposes of reporting the estate's income and deductions.  Income earned by the estate from income producing assets such as interest, dividends, rental income, etc. must be reported on an estate income tax return.  Estate income tax returns are prepared and filed under IRS Form 1041 and signed by the personal representative or administrator of the estate.  If any net income was distributed to the estate"s beneficiaries during the given year, each heir will then receive a Schedule K-1 Form reflecting their allocated income.  Each beneficiary that receives a Schedule K-1 will use it in preparing their own individual 1040 income tax return.  Estate income tax return due dates can be a little confusing, but under no circumstance can it be more than 12 months from the decedent"s date of passing.

If the estate has property valued over a minimum threshold, estate or "death taxes" will be owed.  This estate tax return is different and in addition to the 1041 estate income tax return discussed above.  Currently, an estate valued at $11.7 million or less is exempt from estate taxes.  The estate tax return is filed under IRS Form 706 and is due nine months after the decedent's date of passing.  The estate tax rate is currently 40%.    

Trust Income Tax Return

Do you need to file a trust income tax return?  If you are the trustee or administrator of a trust, a trust income tax return will need to be prepared every year and filed under IRS 1041 Form.  Each trust's beneficiary receives an associated Schedule K-1.  Each beneficiary will need a Schedule K-1 for preparing their own personal 1040 income tax return.        

Gift Tax Return

Do you need to file a gift tax return?  If you have gifted more than the annual gift-tax-free amount, currently $15,000, to someone during a given tax year, you are required to file a Gift Tax Return.  The annual gift tax exclusion can be given to as many individuals one desires without triggering the gift tax. 

It is important to note that gifts in the following categories do not count towards the annual exclusion amount:  charitable, spouse, political organization, educational expenses and medical expenses.  In addition, you currently have a $5.5 million lifetime tax-free gift limit.  A Gift Tax Return is filed under IRS Form 709 and is due April 15th of the following year.  Gift tax rates can be as high as 35%.      


Our CPA Firm specializes in income taxes and tax return preparation services.  In addition to having your income tax return prepared by us, you get:   

·         Experience & Qualifications - Miami CPA Firm with over 20 years of income tax preparation experience;

·         Affordable Fees - Could be the best financial decision you ever make;

·         E-Tax Organizer - All clients receive FREE year round access to our "Online Interactive Tax Organizer;"

·         Secure Client Portal - All clients receive FREE year round access to our "Vault;"

·         Technology - We use sophisticated, top-of-class income tax preparation software;

·         Electronic Filing -  E-filing for fastest tax refunds and filing;

·         Privacy Policy - Gramm-Leach-Bliley Act Compliant;

·         Monthly Newsletter - Clients receive a FREE monthly newsletter full of tax and financial planning tips;

·         Customer Service - Open year round to help you whenever you need us;

·         Much More - Too much to list here.

Affordable Fees

For most tax return preparation work, we charge an estimated flat fee.  All potential clients have the right to receive a quote before we begin our work.  For this reason, virtually all income tax return preparation fees are agreed upon in advance.  To give you an accurate estimate, we need a copy of your prior year's income tax return along with an explanation of any changes involved in the current year's tax return.  If we prepared your income tax return last year and there are no major changes with the current year, your fee should be the same.  There are some occasions, due to the complex nature of the job or other factors beyond our control, where it is impossible to set a fee in advance.  In these cases, an hourly rate will be set in advance and we will provide our best estimate of the total cost, before we start.  All fees are due at or prior to completion of the work.

Our Guarantees

1.      Satisfaction Guarantee - We confident that you will have a pleasant experience in your dealings with us.

2.      Prompt Service - We will pay any penalty caused by our lateness with regard to any tax deadline.

3.      Tax Penalty Refund Policy - We will pay any penalty caused by our error and respond to any IRS correspondence generated as a result of our error, free of charge.    

4.      Free Audit Support - If your tax return is audited, we will tell you why the IRS is contacting you, what it means and what you should do next, free of charge.       

5.      Audit Representation - From the time you receive an IRS notice to when the audit is resolved; you can count on us to help you.  Our fees for audit representation services related to a tax return that we prepared will be billed at 50% our regular rates.  

We can also help you with other income tax return preparation services, including:

Should you desire further information about our Estate, Trust or Gift Tax Return preparation services, please contact us by using the form below:

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