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Taxation Law

Tax Law Lawyer Referrals

To be connected to a tax law attorney or taxation lawyer, call Attorney Search Network today.

Taxation is defined as the system of raising money to finance government. Governments use citizen’s payments of money to fund soldiers, police, hospitals, schools, to build roads, to feed the poor and provide health care to the elderly, among countless other uses. Governments strongly rely on taxes in order to successfully function, and receive around 90 percent of their income from taxation. The reduction and expansion of taxes can be used by governments to reorganize a country’s wealth, for instance by taxing one group more heavily in order to benefit and provide services for another.

There are many different kinds of taxes that people in developed nations must pay in their lifetimes. Some types include income taxes paid by working individuals, consumption taxes paid for spending earned money, property taxes paid by individuals who own land or a house, and sometimes, estate taxes owed after people die.

The United States Federal Government receives the largest percentage of its revenue from taxes on people’s personal incomes. Payroll taxes profit social insurance programs, like Medicare and Social Security, and also account for a large percentage of federal revenues, as does taxation of corporations. Sales tax and property taxes mainly contribute to state and local government revenues.

Property Tax

Taxes are often split into two categories: specific or ad valorem. Specific taxes are defined as a fixed amount based on a number. Ad valorem, on the other hand, are taxes that are determined by a fixed proportion of a property’s value. Ad valorem taxes require an assessment of the value of the taxable subject. General property taxes are almost always ad valorem in nature, and are payable whether or not the property is used or is profitable for the owner. Most of the time, income tax solely refers to taxes based on real property.

Individual Income Tax

Individual, or personal, income taxation is a tax on an individual’s personal income, including wages, salaries, interest accrued by savings accounts or bonds, earnings from rented properties, earned royalties, earnings from patented or copyrighted works, and dividends from stock. Capital gains, or revenue made from selling stocks, real estate, and other investments, are also forms of income. Every year, the U.S. requires that its people file individual income tax returns. It is the responsibility of each citizen paying taxes to determine the amount of money he/she is liable to pay the government. Each taxpayer must then send the tax return to the government with the amount owed enclosed. Often, taxpayers receive a tax refund after sending in their tax returns if it was determined that too much of their income was withheld that year.

The federal income tax in this country is managed and overseen by the Internal Revenue Service (IRS), which is an agency of the Department of the Treasury.

Corporate Income Tax

All U.S. corporations are required to pay to the federal government, and most state governments, taxes on their net income. Tax rates usually increase depending on a corporation’s level of income. Lots of controversy surrounds the corporate income tax since economists often believe that only people like shareholders who own corporations, can afford the tax burden. Corporate income taxes also result in double taxation of corporate earnings, the first taxation is when the income is taxed after being earned by the income, and the second taxation occurs when the earnings are paid out to shareholders as dividends from stock. The double taxation leaves corporations to face a higher tax burden than that faced by individuals or smaller businesses.

Opponents of the corporate income tax wish to eliminate it altogether and to tax corporation shareholders through the personal income tax instead. On the other hand, those who support the corporate income tax view it as necessary for corporations to pay given the special privileges they receive from society.

Payroll Tax

Payroll taxes only pertain to wages and salaries. Employers are responsible for withholding payroll taxes from workers’ wages and then sending that money to the government. Payroll taxes fund many social insurance programs for the elderly, unemployed, poor, and disabled. Payroll taxes are controversial since they do not always distribute the tax burden equally to employers and employees, but instead more heavily burden employees.

Consumption Taxes

Consumption taxes vary from state to state and are charged on goods or services, including sales taxes, excise taxes, tariffs, and value-added taxes.

If you are having a problem with any of the above types of taxation, a tax lawyer can help you resolve the problem. If you need help settling tax law issues, contact Attorney Search Network to find a top tax attorney in your area.

Contact Attorney Search Network for a Lawyer Referral in your local area with Tax Law expereince.