Tax Return Preparation

Park Ridge, Cook County & Rosemont Tax Return Preparation Attorneys 

Everyone dreads preparing their tax return. It is time consuming and complicated. You want to make sure you fill out everything the correct way to avoid an audit. You also want to submit your taxes so that you are saving the most money you can. In order to save time and money, hire a tax professional to help you. The convenience and accuracy that comes with using a professional to prepare your taxes will leave you wondering why you ever tried to do your taxes yourself.

At the Law Office of Thomas J. Hansen, we can help you with any tax form you may need whether it be 1040, 1041, 706, 709, or 990. If you are from Illinois or out of state, you can still get the benefit of Attorney Thomas Hansen’s extensive background in tax law. He will make sure you avoid overpaying taxes by properly identifying tax credits and deductions. The best way to minimize your tax liability is by planning early on in the year. Do not wait until tax season to start thinking about tax preparation. Save time, money, and your sanity by consulting Attorney Hansen for all your tax preparation needs.

The Different Types of Tax Returns

There are numerous types of tax return forms out there and each one has specific requirements and addresses a certain situation. Tax forms include:

Form 1040.  This is the standard federal income tax form to report an individual’s gross income. It is often referred to as “the long form” as it is quite lengthy to fill out and far more extensive than the 1040a or 1040EZ tax forms. With the 1040 form you can claim expenses and tax credits and itemize deductions. You are also able to and adjust income.

Form 1041. For trusts and estates, this is the form to use. The income, deductions, gains, and losses of an estate or trust must be reported to the IRS. Additionally, this form reports the income distributed to beneficiaries. There are still allowable deductions on this type of form. Form 1041 allows for an income distribution deduction for amounts that were required, not discretionary, to be distributed to the beneficiaries.

Form 706. This is the form filed by the executor, also known as the personal representative, of a decedent’s estate in order to determine the estate tax that will be imposed. Illinois requires the filing of this firm even if the estate is not taxable at the federal level and the state level. This form must also be filed with all necessary state estate tax forms.

Form 709. Use this form to report gifts subject to gift and generation-skipping transfer taxes. It is not usually necessary to consider the tax implications for giving a gift, but it is still good to be aware of gift tax rules. Gifts to spouses are generally excluded from being taxed. Also, anyone is allowed to give up to $14,000 in cash or property to a person without needing to file Form 709. So, do not worry about the tax implications of that birthday present you just bought. You shouldn’t need to inform the IRS of it!

Form 990. This form is filed by tax-exempt organizations, nonexempt charitable trusts, and section 527 political organizations. It is an informational tax form to give the IRS an overview regarding the organizations activities, management, and financial information. The IRS wants to make sure that these organizations deserve the tax-exempt status. Details of the organization’s annual activities are also required. Most tax-exempt organizations with gross receipts of $200,000 or more or $500,000 or more in assets must file this form. Some political organizations and religious organizations are exempt from needing to file Form 990.

Trusted Tax Preparation Services at an Affordable Rate

Don’t trudge through the tax return process on your own. Attorney Thomas J. Hansen has reasonable fees, offers an electronic tax option, and has a quick turn around time. If there are issues that come up while doing your taxes, Attorney Hansen can advise you on things that might save you money on your taxes for years to come. If there are technical issues, Attorney Hansen is able to conduct professional level research and work out how to properly treat the item. It is never too early to start planning for your taxes. In fact, the earlier you start planning your taxes, the more likely you are to save money. Contact the Law Office of Thomas J. Hansen right away and maximize the far reaching financial benefits of advanced tax preparation.