Professional Tax Accountants

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, Paramount Tax can help.

Professional Tax Accountants

Trusts are typically established to protect assets, and improper tax filing could lead to loss of income. The tax accountants 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 accountants, 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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— Janna Simonsen, Posted October 15th 2024 on google

The team at Paramount is amazing, this was my first year filing with them. Darren was awesome and super attentive, and at one point we had 3 people in the room looking over some deductions to make sure they were accurate. In a one hour meeting they tripled what I thought my return would be. They are worth every penny, ...

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Great experience. Met with Doug Bean. He was knowledgeable, friendly, and took the time to answer all our questions.

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Great people! They were very helpful and made the process easy, even with us forgetting multiple documents we needed. It was nice to be able to get tips on how we can set ourselves up better for next year as well. Highly reccomend!

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Paramount Experience

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 Paramount Tax, is that our firm utilizes the services of licensed tax professionals who are distinguished from other finance professionals by stringent qualification and licensing requirements. Paramount has worked hard to create relationships to deliver the value that our clients expect. In fact, our goal is to be the No. 1 Trust Tax Filing firm in America. So when you ask yourself, "Where can I find Trust Tax Filing services near me?"... think no further than Paramount Tax!

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