Fiduciary Income Tax Preparation
Under the tax code, each estate and trust is generally considered a separate taxpayer for income tax purposes. In a similar manner to individuals, a trust or estate must file a federal and state fiduciary income tax return each year. At Grant Gray, we can take care of the preparation and filing of these returns as well as consult with clients on the most efficient strategies for reducing the overall income tax burden for the family.
Gift and Estate Tax Return Preparation
The federal government and the Commonwealth of Massachusetts each impose a tax upon the transfer of a decedent’s property at death for estates above a certain size. The federal government also imposes a tax upon gifts made by a person during his or lifetime above a certain threshold each year. We can assist you with:
determining whether a gift and estate tax return needs to be filed;
the preparation and filing of any necessary return;
clearly explaining each element to you so that you can fully understand your return.
Interested in Tax Preparation?
Contact us today to learn about how Grant Gray, PC can help you with gift and estate tax planning needs.