Many people’s estates don’t file a federal, estate-tax tax return. The filing thresholds are huge. In 2022, for example, your gross estate needs to exceed $12,060,000 before your executor or personal representative needs to file a federal Form 706 and potentially pay estate taxes. Washington state, unfortunately, sets a far lower filing threshold. And many […]
Trust tax returns
Simple Trust Tax Planning Ideas Can Save Big Dollars
Many taxpayers understand—at least in a general way—how individual tax returns work. Someone earns or receives income. The taxpayer gets some deductions. Often including a big “standard deduction” that means someone doesn’t pay income taxes on the first $12,000 or $24,000 of income. And then the tax rates paid? A familiar set of percentages. Often […]