Find a Taxation Law Lawyer

Taxation involves the collection of income tax (corporate and personal), and taxes on real or personal property acquired through personal and professional efforts. In addition to income tax, there is employment tax, sales tax, inheritance tax, capital gains tax and property tax among many others.

Gift and estate taxes are taken from a person's estate when they die, while property taxes are usually collected by the state or municipal government and are based on the real property that a person owns.

What is Tax Law?

Tax law covers a wide variety of areas, including the taxation of corporate and personal income, along with real and personal property that is acquired through personal and professional efforts. In addition to income tax, there is employment tax, excise tax, sales tax, gift tax, inheritance tax, capital gains tax, property tax and many other areas of taxation.

Tax law is divided into several branches including federal tax, state tax and local tax which is broken down by county, city, and other municipalities. Tax law affects just about everything that we do. There are even forms of taxes that are imposed on an individual's assets and property at the time of death. These often include estate tax, gift tax and inheritance tax.

Estate Tax Estate tax is a tax levied upon the decedent's entire estate, regardless of how it is disbursed, before any transfers take place.

Inheritance Tax - Inheritance tax is a tax levied on individuals receiving property from the estate. Many people try to avoid estate and other forms of inheritance taxes by transferring assets before the die.

Gift Tax Gift tax laws were designed to prevent complete tax avoidance by giving money to someone else. The Federal estate tax is integrated with the Federal gift tax, so that large estates cannot be shielded from taxation by lifetime giving. In addition, many states also impose a separate gift tax.

Hiring a Taxation Law Attorney

If you have a potential tax issue, you may want to consider hiring an attorney that specializes in taxation law. These attorneys are experienced in dealing with transactions, acquisitions and mergers, estate planning or employee benefits and pensions.

Tax law attorneys work in a variety of settings, from law firms and accounting firms to nonprofit organizations, government agencies and even as consultants. Your best advice is to find an attorney that has experience working with the type of taxation issues that you may face. These attorneys will be better equipped to handle your tax issues, and in the long run can save you money.

By Chris Saunders           

Related Links: