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Tax Deduction Consulting: 1041 Miscellaneous Deductions Norfolk NE

Form 1041 is not one most people deal with, but eventually you will probably have to. 1041 miscellaneous deductions are discussed below.

Mr. Richard A. Strevey (RFC®), CFP
(402) 445-2288
14301 FNB Parkway #306
Omaha, NE
Company
Strevey Financial Services
Qualifications
Education: BS
Years of Experience: 34
Membership
IARFC, MDRT, FPA, NAIFA
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. Frank C. Bogacz (RFC®), EA
(402) 551-3423
4715 S. 80th Street
Omaha, NE
Company
Bogacz Tax and Financial Services
Qualifications
Years of Experience: 22
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Long Term Care Insurance, Compensation Plans

Data Provided by:
Casey's Tax Svc
(402) 731-6715
4104 S 42ND St
Omaha, NE

Data Provided by:
Guzman Income Tax
(402) 494-6170
112 E 19TH St
South Sioux City, NE

Data Provided by:
Champion Account & Tax
(308) 436-1919
2020 20th St
Gering, NE

Data Provided by:
Mr. Scott C. Taylor (RFC®), CHFC, CLU
(402) 571-1505
7216 Graceland Drive
Omaha, NE
Company
Midwest Capital
Qualifications
Education: BBA, CLU, ChFC
Years of Experience: 28
Membership
IARFC, MDRT, SFSP, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. Chris E. Nelson (RFC®), CFP
(308) 632-7587
1701 First Avenue
Scottsbluff, NE
Company
Valley Financial Planning
Qualifications
Education: University of Nebraska-LincolnThe Metropolitan State College of Denver, CO
Years of Experience: 16
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Education Plan, Compensation Plans

Data Provided by:
Liberty Tax Service
(866) 871-1040
2115 2nd Ave # B
Kearney, NE

Data Provided by:
Jackson Hewitt
(308) 532-0325
120 E C Street
North Platte, NE

Data Provided by:
Jackson Hewitt
(402) 341-9277
1500 North 24th Street, Ste 102
Omaha, NE

Data Provided by:
Data Provided by:

Tax Deduction Consulting: 1041 Miscellaneous Deductions

1041 Miscellaneous Deductions

Form 1041 is not one most people deal with, but eventually you will probably have to. 1041 miscellaneous deductions are discussed below.

When a loved one passes away, responsibilities are passed on to others. These individuals are considered the fiduciary and hold many responsibilities for the deceased. Tax preparation is no exception to these responsibilities. For legal purposes, the fiduciary is the executor and the person in possession of the deceased person's estate. Income tax returns for estates and trusts are outlined on Form1041. The form 1041 will be reported under the fiduciary's taxpayer identification number, not the deceased's TIN. The fiduciary will complete Form 1041 and report to the IRS. The form outlines the descendant's estate, trust or bankruptcy estates. This executor of the estate is also in charge of ensuring that any taxes owed are paid in full.

The form must be reported and includes many important details. Tax details such as information about income and estate liability are included on the form. Any income that is held for future beneficiaries and even the taxable wages for household help at the said estate must be reported on this form. After completing schedule B on Form 1041, the fiduciary will be able to determine the deduction for distribution to the deceased's beneficiaries.

After this is figured, it is the responsibility of the beneficiaries and the fiduciary to determine the amount that the beneficiaries should deduct from their personal taxes. Any money that they receive from the deceased is considered taxable income and should be reported to the IRS at tax time. A Form 1041 must be filed for any deceased individual that had a gross income for the tax year of six hundred dollars or more. If the estate is on soil foreign to the US, it is not considered taxable and is subject to the countries specific laws.

An IRD, which is any income in respect to the descendent is also accounted for in Fo...

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