Start studying Digestive System (anatomy of alimentary canal). Learn vocabulary, terms, and more with flashcards, games, and other study tools.
Estimated Income Tax. Trusts that earn income must pay estimated tax payments during the year. These payments are due on April 15, June 15, September 15 and January 15 for calendar year trusts. Calculate the estimated payments on IRS Form 1041ES. The instructions for this form provide complete detail about how to pay this tax.
A living trust can help avoid estate taxes. Although the federal estate tax was repealed in 2010, it was reinstated in 2011. Taxable estates not exceeding $5 million in value are not subject to federal estate taxes. However, some states levy estate taxes on smaller estates.