Navigating the complexities of estate taxes and inheritance tax can be overwhelming when a close family member dies. At such a difficult time, ensuring tax compliance might seem like a daunting task.
Here are the key points WATAX will focus on filing taxes for a deceased family member:
- Research Tax Compliance History: We'll assess their last filed returns, uncover any unfiled ones, and identify any past tax liabilities.
- File Unfiled Returns: Rely on WATAX guidance to file three to six years of returns based on their financial situation, ensuring closure without scrutiny.
- Smart Tax Payment Strategy: Protect yourself and heirs by strategizing payment from the deceased person's remaining assets. (As executor, you can be held liable if you distribute estate assets without paying the IRS)
- Estate Tax Considerations: Most estates avoid taxation on assets left to heirs, but if an estate remains open, we'll handle EIN acquisition and Estate tax returns (Form 1041) with payments.
Count on Washington Tax Services with 35+ years of helping folks with similar issues.
