How Tax Preparers Can Expand Their Services with Forms 706 and 709
As a tax professional, finding ways to add value to your services can set you apart from the competition and increase your revenue. One often-overlooked opportunity is assisting clients with estate and gift tax filings using IRS Forms 706 and 709.
By expanding your expertise into these areas, you can provide comprehensive tax solutions that not only help clients navigate complex financial situations but also boost client satisfaction and retention.
Understanding Forms 706 and 709
Form 706 – United States Estate (and Generation-Skipping Transfer) Tax Return
This form is used to calculate the estate tax due on the assets of a deceased individual. The estate tax exemption threshold is adjusted annually, but estates that exceed this limit must file Form 706. This form also allows for the portability of the deceased spouse’s unused exemption (DSUE) to the surviving spouse, making estate planning a critical service for married clients with substantial assets.
Form 709 – United States Gift (and Generation-Skipping Transfer) Tax Return
Form 709 is used to report gifts exceeding the annual exclusion amount, which is $18,000 per recipient in 2024. It also covers generation-skipping transfers (GST), which occur when assets are transferred to grandchildren or other recipients more than one generation below the donor. Even if no tax is owed due to lifetime exemptions, filing Form 709 helps track the use of these exemptions over time.
Why Offer Estate and Gift Tax Services?
Many tax professionals focus solely on income tax preparation, leaving a significant gap in estate and gift tax planning services. By incorporating these services, you can:
Increase Revenue Streams – Estate and gift tax preparation typically command higher fees due to their complexity and the specialized knowledge required.
Enhance Client Satisfaction – High-net-worth clients, business owners, and families with substantial assets often need estate and gift tax guidance. By offering these services, you become a trusted advisor for their long-term financial planning needs.
Differentiate Your Practice – Few tax preparers specialize in estate and gift tax filings, giving you a competitive advantage.
Strengthen Client Relationships – Providing these services fosters deeper, long-term relationships with clients and their families, leading to increased referrals.
Seamless Estate and Gift Tax Preparation with MyTAXPrepOffice
To make estate and gift tax preparation even more accessible, MyTAXPrepOffice includes Forms 706 and 709 in its Essential and Unlimited Plans. With these plans, tax professionals can easily prepare and file estate and gift tax returns without investing in separate software or expensive add-ons.
Benefits of Using MyTAXPrepOffice for Estate and Gift Tax Returns
All-in-One Tax Solution – No need to juggle multiple software programs; handle individual, business, estate, and gift tax filings in one place.
User-Friendly Interface – Our platform simplifies complex forms, reducing the learning curve and helping you complete filings efficiently.
Cloud-Based Convenience – Access your tax preparation tools from anywhere, making it easy to work with clients remotely.
Affordable & Comprehensive – The inclusion of Forms 706 and 709 in the Essential and Unlimited Plans means you can expand your services at no extra cost.
Start Growing Your Tax Business Today
By offering estate and gift tax services, you position yourself as a full-service tax professional capable of handling more than just annual income tax returns. With MyTAXPrepOffice, you have the tools to seamlessly incorporate these services into your practice, ensuring your clients receive top-tier support while you grow your revenue and enhance client satisfaction.
Are you ready to expand your tax practice? Upgrade to the Essential or Unlimited Plan today and start leveraging Forms 706 and 709 for greater success!
Disclaimer: This article is for informational and educational purposes only and does not constitute legal tax advice. Advanced Tax Solutions is not liable or responsible for any damages resulting from or related to your use of this information. It is your responsibility to refer to official IRS documentation for information regarding any tax laws or tax information shown here.
