Estate tax in the United States exemption level with a 2001 top rate. That is, had no further legislation been passed, the estate of a person who died in the year 2010 would have been entirely exempt from tax while that of a person who died in the year 2011 or later would have been taxed as heavily as in 2001. However, on December 17, 2010, Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Section 301 of the 2010 Act reinstated the federal estate tax. The new law set the exemption for U.S. citizens and residents at $5 million per
Income tax in the United States compensation, and self-employment income. Tax returns: Most individuals must file income tax returns to self assess income tax in each year their income exceeds the standard deduction plus one personal exemption. Some taxpayers must file an income tax return because they satisfy one of the following conditions: Other taxpayers must file income tax returns each year to self assess income tax. These returns may be filed electronically. Generally, an individual's tax return covers the calendar year. Corporations may elect a different tax year. Most states and localities follow the federal tax year, and require separate returns. Tax payment: Taxpayers must