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Tax Law - What Is Tax Law?

Tax law or simply revenue law is a field of criminal law where governmental or public bodies, including state, county, and national governments employ a complex body of laws and rules to examine and collect taxes from citizens in a legally binding context. As of the 21st century, the Internal Revenue Service is the single largest employer of tax examiners. Tax law involves the collection of income taxes, and many types of other taxes including payroll, property taxes, sales, and excises. People who work in the tax preparation industry also deal with tax law all day long; they must be knowledgeable about the tax codes, be able to interpret data given by taxpayers, and be familiar with all laws related to the Internal Revenue Code and Regulations.

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Taxation laws are categorized into two main branches: federal and state. Federal taxation issues are usually referred to as taxation, while state taxation issues are usually referred to as state revenue. Federal tax laws are designed to directly affect the funding of the U.S. government; while state tax laws are imposed on individuals and businesses for the revenue purposes of those entities.

There are several important decisions that must be made when dealing with taxes. One of the most important decisions that must be made is the determination of the taxable income of a taxpayer. The income tax rate is calculated by adding each individual’s gross income, both single and married, and other deductions such as student loan interest on investments. Every taxpayer has different financial circumstances and paying the right amount of taxes can be tricky and complex.