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If you are a citizen
or resident of the U.S. you will need to file the Form 709 the Gift Tax
Return if any of the following apply to you:
- Gave gifts of
more than $12,000 in the tax year other than your spouse
- Gave a gift called
future interest of any amount
- Each individual
must file a separate tax return a husband and wife may not file a joint
Gift Tax Return (709)
- In order to split
gift with your spouse you will have to file a Form 709.
- Only individuals
are required to file a Gift Tax Return; trust, estate, partnerships,
and corporations that make a gift are not required, but the individuals
of those entities may be required to file Form 709.
- If the only gifts
were deductible as gifts to charities you do not need to file the Form
709.
Huey & Associates,
P.C. can work with you to ensure that you file an accurate and timely
corporate tax return. Some of the services we offer with filing your Form
709 include:
- Computer software
analysis of all returns to ensure math and common mistakes are avoided.
- We will do a tax
analysis of your return and sit down with you for some tax planning
for the next year.
- Provide you with
an easy to use Organizer to gather your information together at the
beginning of the year.
- Discuss the final
results of the Tax Return and if needed file a Tax Extension for you.
- Discuss the effect,
if any, on your personal 1040
Income Tax Return.
- Provide copies
of your tax return for your records and electronic storage of a copy
of your Tax Return for quick and easy access for future requests.
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