Law Library Articles
Top 10 Tax Law Articles in the LegalMatch Law Library
It is said that there are only two constants in life: Death and Taxes. In some countries, both are equally unavoidable in the form of estate taxes. While you cannot avoid dying, you might be able to avoid paying excess taxes. No one wants to pay more taxes than they have to and thankfully there are plenty of legal ways to lessen your tax burden.
To understand the basics of tax law in the United States, here are the top 10 tax law articles from the LegalMatch Law Library.
1. Tax Sale Lawyers
A tax sale is when a property is sold to pay off unpaid property taxes. There are two main types of tax sales: tax deed sales and tax lien sales. A tax deed sale involves selling the property itself, while a tax lien sale involves selling a claim on the property.
2. Tax Deed Sale Lawyers
In a tax deed sale, a property is sold at auction to cover unpaid taxes. The highest bidder receives a deed to the property. The original owner usually has a set period to buy back the property, which is known as the right of redemption. Read this article to learn more about your rights in connection with tax deed sales.
3. Capital Gains Tax Lawyers
A capital gains tax is a tax on the profit from selling an asset. The tax rate depends on how long you owned the asset. Short-term gains are taxed at your regular income rate, while long-term gains have lower rates.
4. Disputes over Property Taxes
Property owners can dispute their property tax bill if they believe it is too high. This usually involves challenging the assessed value of the property. The process for filing a dispute is different in every state.
5. Tax Evasion
Tax evasion is the illegal act of not paying taxes that are owed. This can include underreporting income or claiming false deductions. The penalties for tax evasion can include large fines and jail time.
6. Property Taxes Lawyers
Property taxes are a major source of funding for local governments. These taxes are based on the assessed value of a property. A property owner who disagrees with their assessment can file an appeal. Learn more about property tax laws and regulations.
7. Legality of Refusing to Pay Income Tax
Refusing to pay income tax is a criminal offense. The penalties for tax evasion can be severe, including fines and imprisonment. Even an unintentional failure to pay can result in penalties from the IRS.
8. Federal Social Security Tax
The Federal Social Security tax is a mandatory payroll tax. It funds benefits for retirees, disabled individuals, and surviving family members. Both employees and employers are required to pay this tax.
9. Tax Protest Myths
Some people believe that they do not have to pay federal income tax. These tax protesters often make arguments that have been repeatedly rejected by the courts. Refusing to pay taxes based on these myths can lead to serious legal consequences.
10. Capital Gains Tax for Real Estate Sales
When you sell a property for more than you paid for it, you may have to pay a capital gains tax. The amount of tax depends on how long you owned the property. There are exemptions that may reduce or eliminate this tax, such as for the sale of a primary home.
