Specialty Taxes

Specialty taxation is associated with particular industries or niche operations. This includes trust taxation and local government taxation.

Form 1041 – Income Tax Return for Estates

Form 1041

When an individual passes away, his/her will or trust identifies a representative to administer his/her estate. This representative is referred to as the executor (male) or executrix (female) and is generally approved or assigned by the local circuit court. The Internal Revenue Service tasks this representative to file a final personal return and information returns until the estate is completely transferred to the heirs.

Fuel Tax Credit

Fuel Tax Credit

The fuel tax credit is a federal refundable tax credit for taxes paid on fuel purchased for off road use. Every gallon of fuel sold at the pump has an 18.3 cent tax assessed by the federal government designated to highway construction and maintenance. When that gallon of fuel is purchased for non-transportation purposes, the purchaser is allowed to receive a refund for the tax paid.

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