What is taxation?
A tax is a compulsory payment by an individual or business entity to a governmental body. In practice, there may be little practical difference between a tax and a fee or charge. The legal distinctions, however, are important. One reason for this is that many states have restrictions on the ability of local governments to raise taxes in their constitutions or statutes.
Related Questions
- What is the difference between the taxation of income that is effectively connected with a trade or business in the United States and income that is not effectively connected with a trade or business in the United States?
- What are the taxation formalities while purchasing and selling properties?
- What taxation expertise is available?
