What Is the Purpose of a Gift Tax Return?

The purpose of filing a gift tax return is to keep a running total of gifts you have made during your lifetime so that the IRS knows if or when you exceed your lifetime exclusion.

What Is the Purpose of a Gift Trust?

A gift in trust is a special legal fiduciary arrangement that allows for an indirect bequest of assets to a beneficiary. The purpose of a gift in trust is to avoid the tax on gifs that exceed the annual gift tax exclusion limit.

What Is the Difference Between a Gift and a Trust?

The gift passes directly to the intended recipient and is theirs to do with as they wish. By contrast, a gift in trust means that the gift is held by your trustees and is in their control. A trust is a way of separating the ownership of an asset from the right to benefit from it.

Services

TAX PLANNING PACKAGES

TAX PREPARATION PACKAGES

TAX RESOLUTION REMEDIES

BUSINESS CONSULTING

ACCOUNTING & BOOKKEEPING

ESTATE | TRUST | GIFT ACCOUNTING

CAA APPLICATION

PAYROLL

Lucy Kociaj | EA | MSA | CAA | RSSA

Business Owner at Focus Tax Resolution, LLC

Lucy specializes in completing tax and accounting projects for individuals, small businesses, and estates and trusts in preparing and planning their tax needs.

Tax Planning Packages

It saves money and helps to avoid overpayment of taxes, understand what you are spending money.

The first step in your tax planning strategy is to understand which tax bracket you fall in. With the 2018 amendments, your bracket may have changed. You can find information on the 2024 Tax bracket, and don’t hesitate to contact us for help. Reducing Your Income Adjusted Gross Income (AGI) is arguable the most important aspect regarding taxes. This is a great place to start with tax planning and understand what is AGI and what are adjustments that reduce gross income to arrive at the AGI. There is a list of adjustments that can be used on the 1040 form. You can sit down with us to discuss your specific details.

If you do not plan, you won’t be able to utilize many tax credits throughout the year. Tax credits work like incentives, and they help you lower the amount of money you owe in taxes. They won’t reduce your taxable income. Instead, it can be deducted from your final amount owed and helps to lower your tax debt substantially. Call Focus Tax Resolutions for more information. Our family-owned business offers a FREE One-Hour Initial Consultation.

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Tax Preparation Packages

We understands your unique needs so we are here to help our clients save money and solve their problems everyday.

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Tax Resolution Remedies

With over ten years in business, Lucy’s Tax Consulting can help you find tax resolutions.

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Business Consulting Services

We are available to help you deal with any business problem or opportunity.

As a true business partner, we are available to help you deal with any business problem or opportunity. We stand ready to engage in business consulting projects to help you make the right decisions for the future of your business. Whether you face questions related to expanding, selling, or restructuring your business, we have the necessary business acumen and analytical capabilities to help you make the right decisions.

Few business decisions are more important, complex, and potentially business altering than a buy or sell decision. When you are ready to sell your business, we can provide support at every step, including valuing the business, vetting potential buyers, and supporting due diligence. If a buying opportunity presents itself, we can help by providing valuation services, developing negotiation and financing strategies, and managing the due diligence process. Call Focus Tax Resolutions for a FREE One-Hour Initial Consultation.

Accounting and Bookkeeping

We can provide comprehensive bookkeeping and write-up services to ensure the smooth operation of the financial side of your business.

If your business does not currently have accounting staff or if your business is outgrowing its current bookkeeping system, we can provide comprehensive bookkeeping and write-up services to ensure the smooth operation of the financial side of your business. As your business needs grow and change, we can provide input and planning assistance to make sure your accounting and financial systems keep pace with your business needs.

When a business can undertake strong financial analysis, it opens up new opportunities to improve management, planning, and decision making. Financial analysis provides the numbers to support, reject or contemplate a course of action. Prospective analysis can show how situations may evolve under various scenarios, providing a new dimension to decision-making. We are ready to provide this type of financial analysis to support the continued prosperity of your business. Financial Statements Financial statements are an important tool for management decision-making. Financial statements also represent your business to lenders, partners, potential buyers, and other interested parties.

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Estate, Trust, and Gift Accounting

Keep a running total of gifts, transfer of property at death or while a person is living, avoid the tax on gifs, get the right to benefit.

The federal estate tax applies to the transfer of property at death. The gift tax applies to transfers made while a person is living. The generation-skipping transfer tax is an additional tax on a transfer of property that skips a generation. With over nine years in business, our locally operated business offers a FREE One-Hour initial Consultation (https://focustaxes.com/services.html#contacts)for details.

CAA Application Services

It saves money and helps to avoid overpayment of taxes, understand what you are spending money.

Only ITIN holders who need to file a tax return need to renew their ITINs. Taxpayers will need to have a current ITIN to file a federal return. Others do not need to take any action. Taxpayers with ITINs that haven’t been used on a federal income tax return in the last three years won’t be able to file a return unless their ITINs are renewed. Call Focus Tax Resolutions for a FREE One-Hour Initial Consultation for details.

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Payroll Services

Our professionals payroll services are well versed in laws and regulations.

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Contacts

Phone

Main: (425) 330-1343
Fax: (425) 341-9880

Email

lucy@lucytaxconsulting.com

Address

4208 198th St SW,

Lynwood WA 98036

Working Hours

Mon-Fri: 10am-7pm | Sat-Sun: Closed
During Tax Season, Sat & Sun: 10am-4pm

Services

Lucy Kociaj | EA | MSA | CAA | RSSA

Tax Planning Packages

What is Tax Planning?

Why is Tax Planning Important?

Basic Tax Planning Strategies

Know Your Tax Bracket

Utilizing Tax Credits

Tax Preparation Packages

We Prepare Your Tax Packages

We prepare tax return as follow

Tax Resolution Remedies

Tax Problems

A tax resolution specialist

Business Consulting Services

A True Business Partner

Business Entity Selection

Financial Statements

Accounting and Bookkeeping

Outsourcing Your Accounting and Bookkeeping to Us

Financial Analysis

Financial Statements

Estate, Trust, and Gift Accounting

What Is the Purpose of a Gift Tax Return?

What is the Relationship Between Estate Tax and Gift Tax?

What Is the Purpose of a Gift Trust?

What Is the Difference Between a Gift and a Trust?

CAA Application Services

What is CAA?

Who should renew an ITIN?

Payroll Services

Constantly Changing Laws and Tax Regulations

Keeping Payroll Running Smoothly

Understand and Manage Your Sales Tax Obligations

Contacts

Phone

Email

Address

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