Tax law is the codified system of laws that describes government levies on economic transactions commonly called taxes. Tax Law in broader senses encompasses everything from state and federal income payroll and sales taxes to wills trusts estate planning and IRS audit protection.
In law schools “tax law” is a sub discipline and area of specialist study. Its specialists are most commonly employed in consultative roles but they can be involved in litigation.
States of Florida and Nevada do not have an income tax. Citizens of other states of U.S are subject to the federal income tax. Individuals and corporations are both required to file income tax returns. However not everyone is required to pay income tax return service tax and other such taxes have to be paid by all. Certain exemptions may be given by government in special cases.
Some of the prevailing taxes are:
Estate and Gift Taxes
Inheritance tax estate tax and death duty are the names given to various taxes which arise on the death of an individual. In United States tax law; there is a distinction between an estate tax and an inheritance tax: the former taxes the personal representatives of the deceased while the latter taxes the beneficiaries of the estate.
A gift tax is a transfer tax imposed on the value of certain gifts. In the United States the gift tax is imposed on the gratuitous transfer of monetary and non-monetary property and is generally paid by the donor. In the U.S. the gift tax is governed by Chapter 12 Subtitle B of the Internal Revenue Code.