Define tax law

What does tax legislation mean? English dictionary definition of tax law. Tax law, body of rules under which a public authority has a claim on taxpayers , requiring them to transfer to the authority part of their income or property.

The power to impose taxes is generally recognized as a right of governments. The tax law of a nation is usually unique to it, although there are similarities.

Tax law or revenue law is an area of legal study which deals with the constitutional , common-law , statutory , tax treaty , and regulatory rules that constitute the law applicable to taxation. The Tax Law glossary gives you access to definitions for legal terminology commonly used in tax law related documents, and court proceedings. This Tax Law glossary will help you understand the legal terms and phrases which are relevant to IRS audits, tax deductions, and other areas of tax law.

Certain installment obligations. Married filing jointly. Filing status for taxpayers who are married to each other or live together in a common law marriage and combine their income and deductions on the same tax return.

The ITA asks a series of questions and immediately provides on a variety of tax law topics.

Frequently Asked Questions (FAQs) Tax Topics - Provides information on more than 1common Tax Topics for individuals and businesses. Therefore, it is important to be able to distinguish between these two types of taxpayers. Definition of tax law in the Definitions. Information and translations of tax law in the most comprehensive dictionary definitions resource on the web.

Taxation, imposition of compulsory levies on individuals or entities by governments. Taxes are levied in almost every country of the worl primarily to raise revenue for government expenditures, although they serve other purposes as well. If you have questions about your federal taxes, head over to FindLaw’s section on federal tax laws.

Corporate Tax - a percentage of corporate profits taken as tax by the government to fund federal. Sales Tax - taxes levied on certain goods and services. Tax Trails - Interactive tool that can help you find to general tax questions. Over Years Of Tax Experience To Help You File Confidently. Tax law is an area of legal study dealing with the statutory, regulatory, constitutional, and common- law rules that constitute the law applicable to taxation, which is the method by which the government levies on economic transactions.

It is a source of public revenue. The term tax administration means: a. The key word in the definition of tax expenditures is “special. OMB and JCT do not count all exemptions and deductions as tax expenditures.

For example, the agencies do not count as tax expenditures deductions the tax law permits to measure income accurately, such as employers’ deductions for employee compensation or interest expenses. A nexus is basically a connection between a taxing jurisdiction, like a state, and an entity like a business that must collect or pay the tax. Through tax avoidance, an individual takes advantage of all legal opportunities to minimize his or her state or federal Income Tax , gift tax , or estate tax. Tax credits are more favorable than tax deductions or exemptions because they actually reduce the tax due, not just the amount of taxable income. The courts exist to uphol interpret, and apply the law.

When he saw that the fighting was escalating, he called in the law.