Contact Julie Moran, CPA

The terms estate tax and estate income tax sound remarkably similar, but they refer to two different types of taxes. That distinction can be confusing for families, executors and trustees who are already trying to manage a long list of responsibilities after someone dies. 

Your CPA can do a lot to help you understand the tax consequences of a financial decision. But there is one important limitation: The conversation is much more useful before the decision has been made. 

For many small-business owners, working with a CPA has traditionally meant gathering documents after the year ends, sending them over, and waiting for the tax return to be prepared.  That’s tax preparation. Tax planning is different.