Why Study Tax Law?
Despite rising financial instability in the global markets, people still have to cough up a lot of money on taxes. The labour force has to bear an income tax of 10%-37%, while companies have to pay a 21% corporate tax from their profits. While it may sound unfair to a few people, taxes fund various federal, state, and local services. Similarly, taxes also pay for every citizen’s social security, Medicare, defence, public infrastructure, and much more.
However, not many people understand taxes because of complex filing procedures, strict deadlines, and intricate calculation techniques. As a result, they look out for professional help from tax lawyers to fulfill their tax obligations.
From calculating deductibles to reducing taxable income – tax lawyers are well-versed with the taxation world. So, why not explore it as a career option and study tax law?
If you like reading Wall Street Journal and New York Times business pages, becoming a tax lawyer could be an incredible career option. You would be on the front lines of the most influential law there is taxation.
Similarly, you will get an opportunity to interpret newly passed legislation now and then when you study tax law. And since the government won’t be forfeiting tax obligations, tax lawyers will continue to increase. In case you are cynical about crawling into the taxation field, have a look below.
1. Rising Demand for Tax Expertise
Undoubtedly, understanding tax and law jargon is not everyone’s cup of tea. Given the substantive difficulty of tax law, companies want experts who know the ins and outs of taxation. After all, tax law is relevant in both – dynamic and adverse economic times.
Organizations encounter tax issues with mergers and acquisitions, while sometimes, there are tax obligations in foreclosures and bankruptcy. Therefore, it is likely that one can live from a tax career over the long haul.
Furthermore, the federal level tax controversies are also heating up due to the changes in 2017’s legislation. Hence, government agencies are also looking for tax experts. With staggering demand, this profession can offer lucrative returns and incredible prospects.
Thus, if you are ready to embark on this journey, learn the ropes. You can complete an online LLM tax program to discern the complexities of tax law. The online curriculum will give you enough flexibility to continue work and acquire knowledge.
2. Polishes Problem-Solving Skills
Believe it or not, taxation is intellectually challenging. Alongside performing extensive research, tax lawyers have to implement solutions in real-time. Likewise, they have to find loopholes in the clauses and systems to draft competent tax plans for their clients.
For instance, if depreciation is 100% deductible, you can suggest managers depreciate all non-current assets. It would reduce overall taxable income and annual tax expense.
In truth, tax law can make a real difference beyond saving a few dollars on tax returns. Guidance on tax laws can help businesses stay afloat during tough times while keeping their finances intact.
Similarly, lawyers can use their problem-solving skills to support a charitable organization’s mission from the administrative side. They have to pay a zero-rate tax but the filings and reporting procedures like every other profit-making organization.
3. Endless Growth Opportunities
In today’s modern era, you can explore various facets of tax law. A substantial part of tax practice involves studying the law and evaluating its impact on its structure.
In addition to all the calculations, you can advise clients about the effect of tax changes on their future practices.
Moreover, the taxation field can open doors to endless collaboration opportunities. You can work alongside corporate, social security, labor lawyers, or even accountants and enjoy a collaborative working space.
Besides, you can explore international tax law since it is becoming one of the most popular niche practice areas.
You will get to work with foreign investors and multi-national companies. Precisely, tax law is a promising avenue for everyone who seeks an international career.
4. Offers Financial Stability & Job Security
Even though the competition is overgrowing in the law field, it remains one of the most in-demand and well-paying professions. Therefore, people looking for financially stable and secure careers must explore the taxation law field.
According to the Bureau of Labor Statistics, a tax attorney can earn $120,910 on average annually. Similarly, it shows a 6% growth rate higher than other manufacturing and retail industry careers.
Additionally, this career also offers job security which means, you won’t have to worry about unemployment. Technology might be penetrating operations in the taxation field, but it can’t overtake tax lawyers’ role.
In short, you will always stay in demand, especially if you know how to keep pace with evolving laws. Do you know the best part?
As a tax lawyer, you can always increase your earning potential. After all, experience and advanced degree programs open doors to better job opportunities.
5. You can Specialize Further!
People think of tax law has an in-depth law niche, but it is quite diverse. You can further specialize in this field to develop marketable skills and in-demand expertise.
From estate planning, international tax law, litigation to audits and appeals, you can explore different options in the stream. Determine the niche of your significant clients and opt for specialization to help them make better financial decisions.
Let’s say if your client is into mergers and acquisitions, you can cover that specialization. Otherwise, if you have to deal with foreign investors and custom regulations, study international law. The legal specialties will equip you with complex tax codes and legislation.
In addition to upscaling your job prospects and earning potential, tax law specializations can help you make a name for yourself in the marketplace. You can share your expertise through writing or conferences and emerge as a competent lawyer.
Usually, not many people see themselves studying tax until they go to law school and get hooked to study tax law. It challenges them intellectually, encouraging people to think outside the box.
Likewise, the law field offers impeccable career opportunities with substantial growth prospects. You can even find specialization within this niche, upgrade your skillset, and improve your earning potential.