If you have challenges with your taxation law assignment, GradeWriters is here to help. For many years, we have been providing taxation assignment help services for students in the USA, the UK, Canada, or Australia. We have a team of taxation law professionals who are more than ready to help you understand different taxation laws and get good grades in your taxation law homework.
Businesses and individuals must pay taxes to the government, failure to which may lead to punishment. In essence, taxation affects government spending and expenditure. Some people or businesses find themselves on the wrong side of the law because of evading or resisting to pay taxes. That is why most universities include taxation law in their law programs.
But as with any other law unit or subject, taxation law may not be as easy as it looks on paper. The concepts in this subject are difficult to understand, and the assignments are usually hard. The good news is that GradeWriters has come to your rescue. We have taxation law homework help experts who can handle any tax-related assignment.
What Is Taxation?
Taxation refers to a situation where a tax authority imposes or levies a financial obligation to its citizens and business entities. Taxation has been in existence since 1913. A tax is a compulsory levy or charge imposed by the government to fund government spending and public expenditures. Evasion or failure to pay taxes is punishable by law.
For the past few years, the rules and laws governing taxation have changed greatly - and these changes will continue to be witnessed in the future. While some governments want to reduce the tax burden for their citizens, others are on the lookout to increase revenue collection to meet their expenditure.
And if you are a law student, you may have done any of the following assignments.
- Tax lax assignment
- Inheritance tax assignment
- Capital gains tax assignment
- Income tax assignment
- Property tax assignment
- Endowment tax assignment
- Sales tax assignment
All of these assignments are not as easy as you may think. They require an in-depth understanding of various facts and history, which many students do not have. This is the reason many students come to us for taxation homework help. Get in touch with our customer support team to connect with the best taxation law assignment help tutors.
Common Tax Law Assignment Questions
Here are a few FAQs in taxation assignments. We have only covered what we consider necessary. However, if you're looking for online taxation assignment help, our team of tax law experts at GradeWriters is always ready to help. Let's now look at some of these questions.
1. Why is studying taxation law important?
Studying taxation law introduced you to the basic understanding of legislations that are concerned with taxation. It's a vast subject that requires you to have in-depth knowledge about various rules, acts, theoretical concepts, and methodologies. Some reasons to study tax laws include:
Tons of Job Options: All citizens in a country are subject to taxation. As such, tax professionals can work in virtually all sectors of the economy. For instance, a tax lawyer can work in an accounting firm, law firm, state or federal government. They can also serve as counsel for various businesses. Well, this is not all.
Constant Demand: As long as people pay taxes, the demand for tax professionals will always exist. Although the demand may not be immune to changes in the economy, professions in tax law jobs tend to remain relatively stable compared to other professions.
Good pay: According to Glassdoor, a job site, the average pay of a tax lawyer in the united states is about $ 108,000 per year. As such, you can rest assure you will get a good salary.
2. What are the different types of taxes?
Corporate Income Tax (CIT)
This is a tax levied at the local and federal levels of the government. The tax is imposed on the profits people or businesses make. In the USA, businesses fall into two major categories.
C corporations: This involves businesses, consumers, and employees. Most of these businesses are partnerships. They pay corporate income tax.
S corporations: Involves sole proprietorships and LLCs. They pay individual income tax.
Value Added Tax (VAT)
VAT is a type of consumption tax that is levied on some products. Usually, the value of the products increases at every stage of a supply chain. That's from the production point to the point of sale.
VAT= Cost of product - Cost of production material
Many countries use VAT as a way to collect revenue, but this method is a bit controversial. Some tax experts believe that VAT doesn't consider people from different income brackets. The amount of VAT charged on a pair of shoes is the same for everyone in the economy.
This is the annual tax imposed on an individual's net wealth - it's not just what citizens earn. It's calculated as::
Wealth Tax= Assets- Liabilities
One's assets include real estate, cash, assets, bank deposits, pension plans and assets in insurance, financial securities, unincorporated business ownership, and personal trusts. Liabilities are primarily loans and mortgages. Some countries with this form of taxation include Spain, Portugal, and France.
Sales tax is a tax levied by a government body on the sale of goods and services. This tax is imposed at the point of purchase or sale. The retailer collects the amount required on behalf of the government. The retailer then passes it on to the government. So, what qualifies a business to be liable for sales taxes?
The law provides the type of businesses that should pay sales tax and the kind of goods and services that this type of tax should be levied on. Conventionally sales tax is not charged on end-users of goods and services. However, different jurisdictions charge this form of tax differently.
Tariff tax is a form of tax imposed on goods and services imported from a different country. Governments impose tariff taxes not only to raise revenue but also to protect domestic goods and service industries. In short, these taxes aim to increase the prices of goods and services bought from other countries.
Tariff taxes usually result in increased prices of items because people can't import things that are deemed cheaper compared o the local market.
Capital Gains tax
A capital gains tax is a type of tax imposed on investment growth in terms of value. This happens when corporations or individuals sell an investment. Therefore, this type of tax doesn't apply to unsold investments.
In the USA, this type of tax applies to profits people get whenever they sell their property. The tax rates are usually 20%, 15%, or 0%, depending on one's tax bracket.
Compared to other types of taxes, this is among the least common in most countries. It is a tax imposed on people for using a certain road or highway. The road can be either public or private property. The aim of toll tax is usually to recoup the costs of constructing and maintaining the road.
Property tax is the tax imposed on people or legal entities such as what corporations pay for the properties they own. The amount to be paid is calculated by the local government and includes the value of one's land. It's worth noting that some governments also charge property taxes on personal properties like cars and boats. That's why people are encouraged to scrutinize property laws within their jurisdiction before buying any property.
Also known as collateral inheritance taxes, this type of tax is levied on a decedent's estate. This happens after an estate is passed on to beneficiaries via an intestate or will succession. The tax is paid by the person who will receive the assets or property from the state.
The tax rate for legacy tax depends on the value of inheritance, state of residence, and the decedent's relationship with the beneficiaries. In most countries, this form of tax is known as " death duty."
Also known as payroll tax, salary tax is the amount of money an employer holds from an employee and pays it to the government. This is done on behalf of the employee.
Our experienced taxation assignment help experts have a high understanding of these types of taxation and more that we have not mentioned above. As such, do not hesitate to contact us if your taxation assignment doesn't focus on the above-mentioned types of taxes.
You must also have heard about retirement tax and corporation tax, which is the government's charge on a company. Payroll taxes affect employers and employees. Our experts will help you answer any taxation law question. Additionally, we help you master different tax policies, tax filing, and how social security relates to tax.
3. Explain taxation laws in different countries
Tax laws in the United States
Tax laws in the USA are governed by the Internal Revenue Code (IRC). IRC has a set of tax laws developed/created by the IRS (Internal Revenue Service). IRC has a full coverage of laws for the federal and state tax and international tax.
For a while now, our taxation homework help experts at GradeWriters have helped many students here in the U.S. and abroad understand different tax laws and excel in their assignments and exams.
Taxation laws in Australia
Australia has one of the most strict taxation quality control policies. Its tax system is progressive in nature. That is, the higher an individual earns, the more tax they are supposed to pay. People who earn less than $18,200 are exempted from tax. However, most Australians must pay a medical levy - which is about 2 percent of their total taxable income.
Taxation law in the United Kingdom
The tax system in the UK is arguably the longest tax code since 2009. It is complex; students have challenges whenever their assignment focuses on the taxation system in the UK. However, taking time to go through each of this nation's laws can help you understand these laws. Or rather, let our assignment writing professionals break everything down for you.
Get help with your taxation law homework by contacting our taxation law assignment help experts. Our experts provide plagiarism-free papers. We are available 24/7, so you can reach out to us anytime, anywhere.
How to Solve Taxation Law Assignments and Assessments
All you need to find solutions to your taxation law assignment is to interpret local and state laws well. Study the facts and be objective when explaining how the laws or rules affect different individuals or business entities. While responding to taxation questions, you need the pattern you usually use when solving case study assignments. For instance, your response needs to have an explanation and a valid conclusion.
Our taxation assignment help experts go the extra mile to help you understand difficult concepts in your taxation assignment. That's why it's important to contact us whenever you need the best taxation law assignment help. We understand how tough taxation assignments can be - which is why you should let our professions unlock your taxation law potential today.