Tax is any charge of money or property imposed by a government on an individual, trust, estate or business entity. Tax law covers such charges levied on income, sales, property, capital gains, estates, inheritance, gifts and retirement accounts.
State, local and municipal regulations also impose property and school taxes and taxes on sales of food, clothing, equipment, cigarettes, liquor and entertainment.
Various issues surrounding tax law are: -
Federal Income Tax Law
Income tax is levied by the federal government on the annual earnings of an individual, organization or other legal entity such as an estate or trust.

Estate Tax Law
Estate tax is a federal or state tax imposed when a deceased person’s property transfers to an heir or beneficiary of a will.

Property Tax
Property tax typically is based on a fixed proportion of the value of the property being taxed.

Tax Considerations for Individuals
Individuals should consider important exclusions, deductions and exceptions when preparing income tax returns.

Tax Considerations for Businesses
Different types of businesses face different tax regulations.

In a nutshell, tax law is a bewildering array of law that is scattered throughout many different sources and subject to many interpretations.

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