--- title: "Individual Tax and Planning in Southlake, TX | Wallace CPA" description: "Individual tax help in Southlake, TX: life events, estate and elder care tax questions, with Wallace CPA covering the tax side beside your attorney." url: https://wallacecpa.multisites.ai/services/individual-tax-and-planning publisher: Wallace CPA phone: +1-877-682-1171 quote: https://wallacecpa.multisites.ai/contact --- Wallace CPA ยท Southlake, TX # Individual tax and financial planning in Southlake, TX Individual tax and financial planning looks at your personal tax picture through life changes. Wallace CPA helps Southlake, TX individuals and families with returns, life events, and the tax side of estate and elder care questions, working with your attorney or adviser. [Call (877) 682-1171](tel:+1-877-682-1171)[Send a message](https://wallacecpa.multisites.ai/contact?service=Individual%20tax%20and%20financial%20planning) ![A worried couple at a kitchen table reading paperwork together](https://wallacecpa.multisites.ai/_astro/couple-with-paperwork.C-199Y5v_ZBSLKX.avif) ## What's included - Individual income tax returns - Review of tax effects of life events - Final returns and estate tax return questions - Income and expense review for care costs - Coordination with attorneys and financial advisers - Planning conversations during the year ## When people call - You married, divorced or had a child - You changed jobs or retired - You sold a home or other property - A family member died and you serve as personal representative - You help a parent with bills and taxes ## Which life events affect my taxes? Marriage, divorce, a new child, a move, a job change, retirement and the sale of property can all change your return. Plan before the event when you can. See the [Texas family tax guide](https://wallacecpa.multisites.ai/guides/texas-family-tax-guide) and [tax preparation](https://wallacecpa.multisites.ai/services/tax-preparation). Texas has no state income tax, but the federal return still applies. ## What are the tax issues in estate planning? The estate tax is a tax on the right to transfer property at death. The IRS says most simple estates do not require an estate tax return. A personal representative must file the final individual return and any estate tax return when due. Attorneys draft wills and trusts. We cover the tax side. Read about [capital gains](https://wallacecpa.multisites.ai/glossary/capital-gains) and [cost basis](https://wallacecpa.multisites.ai/glossary/cost-basis). ## What tax questions come with elder care? Families may ask about medical costs, income changes, selling a home, and who files returns when a parent cannot. A CPA can organize records and explain how the rules might apply. An elder law attorney handles legal arrangements. Details depend on your case. ## How should I prepare for my meeting? Bring last year's return, this year's income forms and notices. If an estate is involved, bring the death certificate and a list of accounts. Send files safely through our [client portal](https://wallacecpa.multisites.ai/client-portal) or [secure file page](https://wallacecpa.multisites.ai/send-a-file). ## What other help is there for Texas families? Texas has no state income tax, but property tax can change your budget. See our guide on [property tax protests in Tarrant and Denton counties](https://wallacecpa.multisites.ai/guides/property-tax-protest-tarrant-denton) and the entry on [homestead exemptions](https://wallacecpa.multisites.ai/glossary/homestead-exemption). General information, not advice for your situation. Talk with a CPA about your own facts before you act. ## Questions about Individual tax and financial planning Ask anything else: call [(877) 682-1171](tel:+1-877-682-1171). [Read the guideTaxes for Texas individuals and families](https://wallacecpa.multisites.ai/guides/texas-family-tax-guide) ### Can Wallace CPA draft my will or trust? No. An attorney drafts those documents. We cover the tax side. ### Does a deceased person need a final tax return? Often yes. The IRS says the personal representative is responsible for filing any final individual income tax return and the estate tax return when due. ### Is there a Texas state income tax? No. Federal income tax still applies. See our Texas family tax guide. ### Is this tax advice? No. It is general information. Talk to a CPA about your situation. ## Related services - [Tax preparation](https://wallacecpa.multisites.ai/services/tax-preparation) - [Tax planning](https://wallacecpa.multisites.ai/services/tax-planning) - [IRS problem resolution](https://wallacecpa.multisites.ai/services/irs-problems) ## Sources 1. [IRS: Estate tax](https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax) 2. [IRS: Topic no. 356, Decedents](https://www.irs.gov/taxtopics/tc356) ## Talk to Wallace CPA Call the Southlake office and say what you need: a return, an IRS letter, your books or a new business. Have the notice or last year's return nearby if you have one. [Call (877) 682-1171](tel:+1-877-682-1171)[Send a message](https://wallacecpa.multisites.ai/contact) 180 State Street, Suite 225, Southlake, TX 76092