Tuesday, September 27

Tag: Tax Law 101

Tax Law 101 – Flaws, Components, Sources, and Determination
Tax Law

Tax Law 101 – Flaws, Components, Sources, and Determination

A good way to learn about tax law is to familiarize yourself with its main flaws. These flaws can be categorized into four main categories: Structure, Components, Sources, and Determination. A comprehensive review of tax laws can help you understand their basic components and flaws and make informed decisions. This article explores the flaws of tax law and outlines ways to fix them. Also, discover the different types of taxation and understand how they affect you. Fundamental flaws of tax law The new tax code creates a glaring problem for high-income people: a 20 percent deduction for pass-through income. Pass-through income includes profits from sole proprietorships, partnerships, and S corporations. Because these incomes are taxed at a lower rate than wages, these individuals are ...
Tax Law 101
Tax Law

Tax Law 101

What is Tax Law? Simply put, tax law is revenue law. It is the body of rules and procedures that governs how public authorities collect and assess taxes. Generally, tax laws are divided into three categories: individual and business taxes. These categories are also referred to as income tax, corporate tax, and pass-through income. This article will explain each of these in more detail. By the end, you will be well-equipped to handle all the tax questions that might come your way. Tax code The tax code is a document created by the federal government that outlines the rules governing how you can remit income. Tax lawyers use this document as a guide when analyzing your situation. Typically, the code is thousands of pages long. The rules governing the collection of federal taxes are se...