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INCOME AND FIDUCIARY TAX ISSUES FOR ESTATE PLANNERS, PART 1 & PART 2 First Run Broadcast: September 19 & 20, 2018 1:00 p.m. E.T./12:00 p.m. C.T./11:00 a.m. M.T./10:00 a.m. P.T. (60 minutes each day)
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01
Gather all necessary documents such as W-2 forms, 1099 forms, and any other income statements.
02
Determine your filing status, whether you are single, married filing jointly, married filing separately, or head of household.
03
Calculate your total income by adding up all sources of income including wages, self-employment income, dividends, and interest.
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Deduct any eligible deductions such as student loan interest, self-employment expenses, or medical expenses.
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Determine your taxable income by subtracting the deductions from your total income.
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Consult the appropriate tax tables or tax software to calculate your tax liability based on your taxable income and filing status.
07
Determine if you owe any additional taxes or if you are eligible for a refund.
08
Fill out the appropriate tax forms, such as the 1040 form or any additional schedules or forms specific to your tax situation.
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Double-check all calculations and ensure that all required information is accurately reported.
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Sign and date the tax forms and include any required payment or bank account information if you owe taxes.
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Mail your completed tax forms to the appropriate tax authority or file electronically if available.

Who needs income and fiduciary tax?

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Anyone who has earned income and is required to report it to the tax authorities needs to fill out income and fiduciary tax forms.
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This includes individuals who earn wages from employment, income from self-employment, investment income, rental income, or any other form of taxable income.
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Fiduciary taxes are specifically applicable to individuals who are acting as trustees or executors of an estate, or as guardians or conservators of another person's assets.
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Additionally, individuals who have received any income that is subject to withholding but had insufficient tax withheld may also need to fill out income tax forms to determine if they owe any additional taxes.
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Income tax is a tax imposed on individuals or entities that varies with the income or profit of the taxpayer. Fiduciary tax is a tax imposed on estates and trusts.
Individuals, businesses, estates, and trusts are required to file income and fiduciary tax if they meet certain income thresholds.
Income and fiduciary tax forms can be filled out manually or electronically through the IRS website or tax software. It is important to gather all necessary documents and information before starting the process.
The purpose of income and fiduciary tax is to generate revenue for the government to fund public services and programs.
Income, deductions, credits, and other financial information must be reported on income and fiduciary tax forms.
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