Chicago Accounting Articles
Jul 21, 2015
Updated July 21, 2015 Estate and Trust Accounting Chicago Illinois Almost twenty years ago, I picked up my first estate and trust accounting case. I went to a small private high school on Chicago’s North Side, and one of my friends father’s had just...
Feb 28, 2013
Updated July 24, 2015 Estate and Trust Tax Rates Chicago Illinois Tax Rate Schedule for Trusts and Estates For Tax Years beginning in 2011 If Taxable Income is Over But Not Over The Tax Is Of The Amount Over $0$2,30015%$0 2,3005,450345 + 25%$2,300...
Feb 28, 2013
Updated July 24, 2015 Estate Tax Credit Chicago Illinois What is the Estate Tax Credit? The estate tax credit in 2014 is over $5,000,000. Estates valued under this amount are not required to file form 706, the estate tax return. But it’s...
Feb 28, 2013
Updated July 22, 2015 Trust income tax rates Chicago Illinois Income taxes rates on trusts are high. Currently, at the Federal level alone, a trust begins paying income tax around $2,300 in income (15%), and goes into the highest tax bracket just over...
Feb 28, 2013
Updated July 22, 2015 Trust Beneficiary Chicago Illinois A trust beneficiary is someone who benefits from a trust. A trust is a separate taxable entity usually involving an arrangement created by either a will at the creator’s death or a trust...
