I know you all are probably locked into the Super Bowl right now (hopefully the game gets a little closer) so I thought I’d give you something quick to digest.

Revocable trusts and income taxes.

It’s that time of the year when everyone starts organizing all their tax documents to see if they get a refund, have to write a check, and whether or not it feels like a lot or a little.

And if you have a revocable trust, you might be wondering what, if anything, you need to do differently for your income taxes.

I have some good news for you.

There is NOTHING different for your income taxes when you have a revocable trust.

Everything flows through to you individually. The tax ID number of your trust is, in fact, your social security number.

If you get any tax documents in the name of your trust, just treat them as your own (if you do your own taxes) or give them to your CPA.

Easy peasy.

That’s it for today!

Cheers,

Christopher Small
Founder/CEO
CMS Law Firm LLC

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