While taxes are, for most of us, an unavoidable part of life, there are legitimate ways that you can minimize the burden. Whether its state or federal income tax, a levy on the sale of goods or property, or an estate or inheritance tax, the more you know, the more likely you’ll be able to avoid unfavorable or unnecessary tax consequences.
Our tax law overview offers extensive information, helping you understand the laws, as well as specific tips and strategies for managing your tax obligations.
Federal 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.
An estate or inheritance 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 typically is based on a fixed proportion of the value of the property being taxed.
Individuals should consider important exclusions, deductions and exceptions when preparing income tax returns.
An important consideration, when determining the legal structure of a business, is the potential tax consequences of the form selected. Businesses also need to pay close attention to employment tax filing requirements.