A trust is an entity that establishes a fiduciary relationship where one party, the trustor, gives another party, the trustee, the right to hold assets for the benefit of a third party, the beneficiary. Trusts are formed for various purposes, typically to protect the assets of a living or deceased person.
There are simple and complex trust funds, and each is taxed differently. Trust funds are typically taxed at much higher rates than individuals. Tax deductions are made on the income that the beneficiary receives, so the beneficiary pays taxes on the income (not the trust).
Understanding all the filing and payments due for a trust fund can be confusing for any one individual. Trust funds are complicated entities and should be handled with the help of an EA or CPA with trust experience. If you are wondering how to set up a trust fund or how to file form 1041 Trust Tax Returns, Las Vegas Torchlight Tax can help.
When you do your 1041 Trust Tax Return with Torchlight Tax, your Trust Tax Return is reviewed by a second tax expert to make sure all is correct, and no tax savings are missed. You also benefit from the fact that Torchlight Tax is one team with a network of offices. Each team member has the purpose to save your tax dollars and make the whole tax experience as pleasant and painless as possible. Different EAS and CPAs have different additional expertise’s in different tax specialties.
An EA holds the highest federal tax credential. A CPA holds the highest state tax credential. This does not mean they know everything. There are millions of words in the tax code, related regulations, court cases, and so on. No one knows it all. If one of our tax pros has a question or is looking for an additional tax saving strategy, he can simply pick up the phone and ask another CPA, EA, or Tax Attorney in the Torchlight Tax Network who may be more trained in a certain specialized field of taxes.
Individual practitioners do not have this option. Just as in sports, a team operating with a common purpose is superior to an individual or group of individuals, even if the individuals are as highly trained. And please note: few tax practitioners are as highly trained and experienced as the Torchlight Tax team.
At Torchlight Tax, your tax return is completed by a licensed EA or CPA. An EA is the highest federal tax credential. A CPA is the highest state credential.
Another advantage of Torchlight Tax is our team includes administrative support staff who wear their hats in supporting the tax pro. You do not need a highly trained CPA or EA to be filing papers or handling all the incoming robot and sales phone calls. By having administrative support, the EA or CPA is available to handle your questions year-round, saving you money, time, hassle, and worry.
Trusts are typically established to protect assets, and improper tax filing could lead to loss of income and asset protection could be endangered.
The EAs and CPAS of Torchlight Tax can be trusted to provide accurate, professional form 1041 Trust Tax Return filings. We work hard to find all possible deductions and credits so that you can preserve every penny. As the leading tax experts in Las Vegas, we can both prepare your Trust taxes and help you plan for next year. To get your Trust Tax questions answered or 1041 filed, contact us today. Free consultations are available.
Many people do not know how a professional tax and accounting firm differs from a bookkeeper or tax preparer. The main difference when working with a professional tax and accounting firm, such as Torchlight Tax, is that our firm utilizes the services of CPAs, EAs, and Attorneys who are distinguished from bookkeepers and other tax preparers by stringent qualification and licensing requirements. Our entire team has a purpose to legally save your tax dollars and to make taxes as painless as possible. This means we take your calls and respond to your concerns. If you receive a threatening IRS call or Notice or are worried about some tax question, we are here for year round taking your calls and responding to your emails.
Whether you are filing personal, small business, or corporate taxes, or negotiating IRS tax debt, if you are not already using a professional Tax, Accounting and IRS Representation firm, you most likely have missed out on major tax benefits. This is because a professional tax and accounting firm utilizes licensed professionals such as Certified Public Accountants (CPAs), EAs and Attorneys, who can not only advise individuals on personal financial matters but who can also advise businesses and corporations of all sizes and types. Tax laws are complicated, and no one knows everything. Torchlight Tax is a team and any one of our tax pros can call on other EAs, CPAs and Tax Attorneys in the team who may have specialist knowledge in a specific area of tax.
When doing current taxes, we often come across missed tax savings from prior years. When this happens, the Internal Revenue Service allows you to amend your taxes and lower your tax liability. Whether you or your prior tax preparer missed a W-2 or 1099, a revised 1099. large charitable donations, or made some other error, amending your tax return can help you recover the money you are rightfully owed. When we find this situation, we will advise you on potential savings and amend the previously filed tax return.</p”>
Sometimes, there may be a situation where a tax return could be amended, but it is too late to receive any benefit. Or maybe you made an error that was missed by the IRS that would have increased your tax liability. In some cases, it is prudent to file an amended return. But if it is not necessary and will not save you any money or decrease your risk, we will tell you not to bother. It is silly to amend a return to no advantage which is too old for the IRS to audit. Some firms might file a bunch of unnecessary tax returns and charge a fee. Sometimes a taxpayer himself might increase his tax liability by filing an unnecessary amendment that increases his tax liability. We will not do this.
Amending a tax return requires more professional acumen then doing it right in the first place. At Torchlight Tax, we do file the tax return correctly the first time. And we will happily amend your tax return, but only if it actually is to your benefit. If you think you might need to amend tax returns, contact Torchlight Tax for a free consultation.