Overview of Tax Law

Tax law is the legal framework that governs the taxation process. It includes regulations and statutes that determine how taxes are levied and collected. This article provides an overview of tax law and its significance for individuals and businesses.

Key Concepts in Tax Law

Understanding tax law is essential for compliance and financial planning. Key concepts include income tax, property tax, and sales tax.

“Taxation is the price we pay for civilization.” - Oliver Wendell Holmes Jr.

Types of Taxes

• Income Tax: Tax on individual or corporate earnings.
• Property Tax: Tax based on property value.

These taxes play a crucial role in funding government services and infrastructure.