federal tax law

Federal tax law governs how the U.S. government collects revenue through taxes on income, property, and goods. Individuals and businesses must file tax returns reporting their earnings, which are subject to tax rates based on income brackets. Deductions and credits can reduce the amount owed. The Internal Revenue Service (IRS) oversees tax collection and compliance. These laws fund public services like education, defense, and infrastructure. Understanding these laws is essential for taxpayers to comply with regulations and optimize their tax situations while ensuring they contribute to the nation's financial needs.