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Page 18 of 18 |
How is the federal tax law structured? |
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Basically, the federal tax system is structured to generate imposition of taxes as a result of certain events, such as:
(1) income tax (covering both people and business entities such as partnerships and corporations),
(2) estate tax,
(3)gift tax,
(4)generation skipping transfer tax,
(5) sales tax,
(6) employment tax, and
(7)excise tax.
While there are a lot of taxes, there are also exclusions, exemptions, credits and deductions against those taxes. By using available exclusions, exemptions, credits and deductions, you can reduce the amount of tax that is owed.
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