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Welcome to the tax law video resources center where you can find articles about tax law, view tax lawyer videos relating to your topic of interest, find tax lawyers by location and view tax attorney videos. Here you can also find articles and links to government resources covering different areas of taxation Law practice.
Tax law encompasses the process whereby governments impose charges (or assessments) on individuals, corporate entities, or property, to finance government expenditures on public purposes. These government charges can be imposed on earnings, transactions (e.g., sales), the value of property, on business licenses used to generate revenue, and the like. Tax law spans a web of federal, state and local schemes. Examples include: federal and state Income taxes levied on income earnings, typically tied to the earner's income bracket; real property taxes levied by counties and/or municipalities on the value of the property; local sales tax imposed on a proportion of a business' retail transactions; federal duties levied on imports from overseas, taxes on estates of the deceased, as well as assessments on particular ‘large gifts’ or transfers. Tax law varies by jurisdiction.
Each year taxpayers are allowed to claim itemized deductions or the standard deduction, whichever is larger. They can itemize their deductions from a
Tax planning is part of financial management. Everyone knows how frequently Congress has changed federal income tax laws. A third of gross income may
For a small business, all ordinary and necessary business expenses such as rent, supplies and salaries of employees of the business, trade or profession can be claimed as a deduction. The tax law recognizes that often important business meetings, client contacts, and marketing efforts take place at lunch, clubs or sporting events. Half of the cost of such business-related entertainment can be deducted. There are strict rules limiting the types and amount of entertainment costs that can deducted. Overnight travel expenses for business includi...
For most small businesses, tax deductions are a top priority. Tax deduction is an amount deducted from total income to arrive at taxable income. A tax deduction is an expense that can deducted from their business's income when the income tax is calculated that particular year. Tax deductions help reduce the total amount to be paid as tax. The tax amount is calculated on taxable income. Tax deductions reduce taxable income thereby reducing the total tax payable.
Ordinary and necessary business expense deduction is one that all s...
The American city draws its annual revenue from many sources, but the larger part of it comes from the proceeds of the general property tax. This annual tax on the assessed value of real and personal property yields from 53 to 64 per cent of all municipal revenue in American cities of over thirty thousand population, or more than a half-billion dollars altogether.
A property tax differs from a land-value tax in that it applies to improvements as well as to land. Conventional wisdom holds that this tax on improvements distorts i...
Tax law is a branch of law dealing with the obligation pay tax to federal and state taxes. Federal law governs federal taxes. State law governs state taxes. Federal taxes include income tax, Social Security taxes, gift taxes, Medicare taxes, and much more. State taxes include state income taxes, state sales taxes and other forms of state taxes. Attorneys who deal with tax laws are referred to as tax attorneys or tax lawyers. A tax attorney knows the tax statutes and can advise you on the requirements of tax law. Since there are so many taxes...
Tax audit is probably one of the most feared terms in the world. Tax audits occur when the IRS (Internal Revenue Service) conducts an investigation into a person's tax records. Sometimes tax audits occur when there is irregularity in one or more of your tax returns, but more often than not, a tax audit is conducted based on a random sampling of individuals. If you receive a letter from the IRS stating that you are being audited, you may be filled with fear and worry...
Property Tax is designed to allow government entities to assess a value on your real estate and other real property. The US Constitution and Congress include provisions allowing governmental bodies at various levels to tax individuals based on their income, property ownership and sales transactions. These taxes pay for government salaries and projects such as building the highway infrastructure or building a new elementary school. Depending on the particular laws at...
The aim of tax planning is to save yourself money while adhering to applicable tax laws of the state and federal government. If you take the time to plan your affairs properly and enlist the services of a competent tax attorney, you may able to qualify for a lot more tax breaks than you thought possible. Tax planning can be a complex matter requiring clear knowledge of the current laws and how they impact your particular situation. Some people trust their ability to...
Receiving a tax audit notice from the Internal Revenue Service can be a frightening and confusing experience. Most individuals facing an audit may not know how to respond or what is at stake for them personally and financially. Being knowledgeable and prepared is the best way to get through an audit without suffering too much in the process. To effectively deal with a tax audit, you should understand what your rights are, learn to dispel the myths surrounding tax au...
