How to Study Tax Law
Tax law refers to the system of laws that govern the levying of revenues by national or local governments. Because tax laws are subject to almost constant amendment and revision, the study of tax law is a specialized field. In the United States, the study of tax law forms part of the curriculum of both law schools and business schools. Studying tax law can be a tedious process, but some tips can make it easier.
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Law school is a major commitment. Apply for a place on a Juris Doctor (J.D.) program at a law school. Full-time study requires three years, and part-time study may take four years or more. You will need to pass a Law School Admission Test (LSAT), and schools will also consider other educational qualifications such as your grade point average (GPA). Law school is a demanding environment and fees can be high. An alternative is to apply to a business school that offers a business or accountancy degree with elective courses in tax law. There are many different types of degree fitting this description.
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Business schools offer courses in tax law. Complete a master's degree in taxation. Because tax law is a specialist field, you can enhance your credentials by taking a master's degree to add to your undergraduate qualification. Graduates of law school can study for a Master of Laws (LL.M) in taxation and/or tax law, a degree which demonstrates advanced professional study of tax procedure and related law. Business schools also offer master's degrees such as Master of Taxation and Master of Science in Taxation designed to prepare individuals for developing taxation plans and strategy within corporations or in their own businesses. A master's course may take two years to complete, depending on whether study is full-time and the requirements of individual schools.
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Self-education may be sufficient for limited purposes. Teach yourself the basics of tax law. Although studying on your own time will not qualify you to practice tax law or even to make tax decisions for corporations, it can help with tax planning for small business or for individual purposes. Many simple guides to tax law basics are available, but be sure to choose a recently published one, as tax law changes with great rapidity. Some online courses in tax law are available, but these focus on practical considerations in the preparation of income tax returns rather than broader aspects of the subject.
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