Important Message: The new Medicare surtax applies to trusts and estates!
“..but in the world nothing can be said to be certain except death and taxes.” – Benjamin Franklin
However true this might be, dealing with both at the same time can be quite an ordeal. On top of all the estate and probate matters that must be resolved, the Internal Revenue Service still requires the proper forms to be filed for the decedent.
Are you an executor of an estate? The legal and tax ramifications can be daunting. However, Congress has provided some relief from the burden of taxation.
There are credits that are available for both businesses and individuals who operate or participate in a retirement plan. Small businesses can receive a credit of up to $500 a year for the first three years for starting a new pension plan, and individuals can receive up to a $2,000 credit each year for contributing to a pension plan.