Trust Tax Returns
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.
Do I have to file taxes on my trust?
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 accounting professional. If you are wondering how to set up a trust fund or how to pay trust tax returns, Glendale Heights Paramount Tax can help.
Glendale Heights Professional Tax Accountants
Trusts are typically established to protect assets, and improper tax filing could lead to loss of income. The tax experts of Paramount Tax work closely with CPAs in order to provide accurate, professional filing. We work hard to find all possible deductions and credits so that you can preserve every penny. As the leading tax experts in Glendale Heights, we can both prepare your taxes and help you plan for next year. To learn more about trust tax filing, contact us today.
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