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Comprehensive Estate and Trust Tax Filing Solutions
At Equity Tax, we specialize in the accurate preparation and filing of Fiduciary Income Tax Returns (Form 1041) for estates and trusts. These filings play a critical role in ensuring that all income, deductions, and distributions are correctly reported to both the IRS and the beneficiaries.
Estate and trust taxation can be highly complex — involving income earned after death, capital gains on estate assets, and distributions to beneficiaries. Our professionals handle every step with precision, ensuring your fiduciary responsibilities are met accurately, on time, and in full compliance with IRS and state regulations. Whether you’re an executor managing an estate or a trustee overseeing a family trust, we take the burden off your shoulders by managing every form, statement, and calculation with care. With Equity Tax, you get peace of mind knowing your estate or trust is handled correctly and transparently.
How We Manage Estate and Trust Filings
We serve Northwest Arkansas, the entire state of Arkansas, and neighboring states, with consulting clients nationwide. Our flexible approach allows us to work with clients through in-person meetings, phone calls, webinars, emails, texts, and messaging.
Initial Consultation
We review the estate or trust documents, assets, and the fiduciary’s responsibilities to determine the type and scope of return required.
Data & Document Gathering
We collect all necessary financial statements, bank records, brokerage statements, and expense details to accurately track post-death income and distributions.
Preparation & Allocation
Our team prepares Form 1041, calculates income tax liability, and allocates taxable income among beneficiaries via Schedule K-1.
Review & Sign-Off
We review the completed return with you, explain each item in detail, and ensure you understand how distributions and deductions affect each beneficiary.
E-Filing & Ongoing Support
We e-file your fiduciary return and provide guidance on future filings, estimated payments, or closing the estate when obligations are fulfilled.
Why Executors and Trustees Choose Equity Tax
Our team of fiduciary tax professionals brings decades of combined experience in handling estate and trust taxation. We work seamlessly with attorneys, executors, and accountants to ensure compliance with both federal and state laws.
We understand the sensitivity and responsibility of managing an estate or trust — balancing legal obligations, financial accuracy, and family expectations with professionalism and care.
Our Estate and Trust Tax Services Include
We provide integrated tax and planning solutions for executors, trustees, and beneficiaries.
Estate and Trust Filing FAQs
Have questions about your taxes? Our experts are here to help you understand deductions, refunds, and compliance — so you can file with confidence and peace of mind.
What is Form 1041 used for?
Form 1041 is the IRS return used by estates and trusts to report income earned after the death of an individual or from assets held in trust. It details how that income is distributed to beneficiaries.
Who is responsible for filing Form 1041?
The executor of an estate or the trustee of a trust is responsible for filing Form 1041 annually if the estate or trust earns more than $600 in income during the tax year.
What documents are required?
Bank statements, brokerage reports, 1099s for interest and dividends, expense records, and the estate or trust formation documents are typically required.
Do beneficiaries pay tax on distributions?
Yes. Income distributed to beneficiaries is reported on Schedule K-1, which they include on their individual returns. The estate or trust deducts that income to avoid double taxation.
Can you file for both the decedent and the estate?
Yes. We handle the decedent’s final individual return (Form 1040) as well as the estate’s fiduciary return (Form 1041).
When is Form 1041 due?
The deadline is generally April 15 for calendar-year estates and trusts, or the 15th day of the fourth month after the entity’s fiscal year ends. Extensions are available.
Can you help with trust terminations or final-year returns?
Absolutely. We prepare final Form 1041 returns, report final distributions, and help you close the trust or estate properly.
Do states require separate estate or trust returns?
Yes, several states require separate fiduciary filings. We handle all applicable state-level requirements for your estate or trust.