tax laws

Tax laws are rules set by governments that determine how much money individuals and businesses must pay to fund public services like roads, schools, and healthcare. They specify income levels that are taxed, types of income subject to tax, and allowable deductions or credits to reduce tax liability. The laws also outline filing requirements, deadlines, and penalties for non-compliance. Understanding these laws helps ensure proper reporting and payment, avoiding legal issues. Overall, tax laws aim to fairly distribute the tax burden while supporting government functions essential for societal well-being.