Tax law is the branch of law that deals with the laws and regulations that govern the assessment and collection of taxes. It is a complex and multifaceted area of law that touches on many different aspects of the legal system, including business law, public finance, and administrative law. Tax law is an important area of law because it plays a central role in the functioning of modern governments, which rely on tax revenue to fund their operations and provide public goods and services.

There are many different types of taxes that are imposed by governments at various levels, including federal, state, and local. Some common types of taxes include:

• Income tax: This is a tax on the money that an individual or business earns, either through wages, salaries, or investments. Income tax rates vary depending on the amount of income earned and the jurisdiction in which it is earned.
• Sales tax: This is a tax on the sale of goods and services, and it is typically imposed by state and local governments. The rate of sales tax can vary depending on the type of goods or services being sold and the location of the sale.
• Property tax: This is a tax on the value of real estate, including land and buildings. Property tax rates are typically set by local governments and are based on the value of the property in question.
• Excise tax: This is a tax on specific goods or services, such as gasoline, tobacco, or alcohol. Excise taxes are typically imposed by federal or state governments and are designed to raise revenue or discourage the consumption of certain products.
• Estate tax: This is a tax on the transfer of property or assets upon the death of an individual. Estate taxes are typically imposed by federal or state governments and are based on the value of the property or assets being transferred.

The deadline to file taxes is typically April 15 of the year, but this is only one half of the tax filing window. According to the IRS, tax season begins on January 24, but either end of this window can be extended depending on the calendar year. For example, in 2022, Emancipation Day fell on April 15, causing a slight extension of the deadline to April 18. Additionally, some local holidays may also extend the deadline. In 2022, taxpayers in Maine and Massachusetts received an extension of the deadline to April 19, due to Patriot’s Day.

Sometimes you need more time to file your tax return. In order to file for an extension, you will need to submit Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. This application, which can be filed digitally, extends your deadline to file your taxes until October 15. This does not move the deadline to pay taxes, only to file taxes.

Capital gains tax is a levy placed on the profits that an individual makes when their investment is sold. Capital gains tax is not paid until an investment is sold and the investment must have been held for at least one year. For individuals selling an investment that is less than a year old, short-term capital gains tax will apply instead. Capital gains tax is based on the income level of the individual paying the tax. 

For individuals who make between $0 - $41,675 annually, the tax rate is 0%. For people making between $41,675 and $459,750 the capital gains tax rate is 15%. Finally, anyone who makes more than $459,750 annually will pay a 20% tax on their investment profits.

Income tax is a type of tax that is based on the amount of money that an individual is paid. In general, income tax is levied by the federal government with some state and local governments having income taxes as well. For people working in an hourly or salaried position, most employers will remove their income taxes automatically. 

Income tax is levied on a progressive basis. That means that as an individual makes more money, they will owe more taxes. The progressive tax rate ranges from 10% at the low end to 37% at the high end. Additionally, some individuals who live beneath the poverty line may be exempted from income taxation.

The Internal Revenue Service (IRS) is a federal agency in the United States that is responsible for enforcing tax laws and collecting tax revenue. The IRS administers the tax laws enacted by Congress and is responsible for interpreting and implementing these laws. This includes issuing guidance on tax issues, conducting audits, and enforcing compliance with tax laws through penalties and fines. The IRS also provides assistance to individuals and businesses in understanding and complying with tax laws.