Tax Masters
Tax Masters is a training podcast for Pack Tax Pros. Each episode makes complex tax concepts simple and practical, so you can earn client trust, solve problems, and make more money as a Pack Tax Pro.
At Pack Tax, mastery isn’t just about knowing the rules—it’s about knowing how to explain them in a way that helps clients understand what it means for them. When you can do that, clients see you as the solution to their problems—and that’s where the money is.
Listen to episodes more than once, let the language sink in, and make it part of your vocabulary. The more you master, the more valuable you’ll become.
Tax Masters
Episode 1: Trust Tax Returns & K1F - When/What does a client need to file when they inherit something?
FAQ: I've inherited something, do I need to file a trust tax return?
Main Objective: Equip you with the knowledge to guide clients on whether they need to file a trust tax return and understand K1F forms.
Description: In this episode, Kristy Pack dives into the essentials of guiding clients who’ve inherited assets and are wondering if they need to file a trust tax return (Form 1041). She shares practical tips on spotting when a trust is involved, key questions to ask clients to determine if a trust tax return is necessary, and how to explain K1F forms in a way that clicks. Kristy clarifies why most inherited assets (except pre-tax IRAs or 401(k)s) are tax-free and why passing income to beneficiaries can sidestep higher trust tax rates. Plus, she suggests creating a decision tool to help your team guide clients confidently. Tune in to learn how to answer your clients’ trust tax questions like a pro!