Chicago Accounting Articles
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 What kind of trust is best for me or my situation in Chicago Illinois? There are over fifteen different types of trusts, which are very generally divided into two categories. Simple trusts and complex trusts. A simple trust...
Feb 28, 2013
Updated July 22, 2015 What is a Trustee Chicago illinois A trustee of a trust is a legal entity who has been given authority to administer property for the benefit of beneficiaries. There may be more than one trustee, as is directed by the trust document...
Feb 28, 2013
Updated July 22, 2015 Trust Tax Return Chicago Illinois IRS Form 1041 is the information return used to report income on trusts. Any trust which has taxable income or that receives more than $600 in a given tax year is required to file an income tax...
Feb 28, 2013
Updated July 22, 2015 Trust Accounting Income / Estate Accounting Income Chicago Illinois The taxable income of a trust or an estate is computed similarly to that of an individual. Gross income is computed as if it were an individual and includes...
