Monday, September 26

Tag: Tax Law

Limitations of Government Power in Tax Law
Tax Law

Limitations of Government Power in Tax Law

The basic idea behind tax law is that government has certain powers to tax certain things. These powers are called "revenue laws." These rules help public authorities assess and collect taxes. This article discusses some of these powers. It also discusses the limitations of government power in taxation in the United States. Here's a look at how these powers work and what you need to know to be able to apply them properly. If you'd like to learn more about taxation, keep reading! Limitations on taxing power The limitations on taxing power in tax law are a fundamental aspect of constitutional law. The Taxing Clause, the constitutional provision that governs taxation, prohibits the government from taxing citizens for their criticism of the federal government. These limits are particula...
How Does Tax Law Affect Your Business?
Tax Law

How Does Tax Law Affect Your Business?

Tax law refers to the rules and procedures that public authorities use to assess and collect taxes. For example, a pass-through business can take a 20 percent deduction on its income taxes. Fiscally irresponsible revenue losses can also be a tax deductible expense. However, there are some things to remember when dealing with tax law. Read on for more information! How does tax law affect your business? Here are some tips to make the most of the tax law system. Pass-through entities In tax law, pass-through entities are businesses that operate without a formal structure. While the owner of an LLC must report all business income on his or her personal tax return, the investor does not. Pass-through entities are often better suited for a small business, which can operate without a forma...
An Overview of Tax Law
Tax Law

An Overview of Tax Law

In general, tax law is revenue law. It defines rules and procedures used by public authorities for assessing and collecting taxes. The laws governing tax collection are divided into four categories: Statutes, Common law, Regulations, and Administrative procedures. This article provides an overview of each. To better understand taxation and how it works, consider the following definitions. In addition to laws, taxation is the process by which governments distribute and collect money. Statutes Unless you are a lawyer or accountant, you should not rely on the statutes to interpret and apply federal tax law. The vast majority of federal tax law is actually in IRS regulations, revenue rulings, and other clarifications. In fact, the IRS writes the rules and regulations that implement its ...
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...