Taxation (Tax) Degree Information
Taxation transfers wealth from individuals and businesses to the government, usually in the form of a percentage. The various kinds of taxes are what this degree studies, from carbon taxes levied on corporation to inheritance taxes that occur after the death of an individual.
As a highly specialized field of accounting, taxation specialists focus on one area, such as corporate, sales and use, property or individual taxes. Taxation students learn analytical and problem-solving skills while using critical thinking, research and technology to manage and present information to people concerning taxes. Earning a degree in taxation facilitates a deeper understanding of the subject, from compliance to research to planning and methods. A taxation degree is particularly useful for tax attorneys, as it focuses more in-depth on tax law, corporate transactions and other topics not normally covered in law school.
Taxation specialists should have a background in accounting and strong computer skills in spreadsheet preparation. A solid background in tax laws and transaction types is what tax professionals need in order to help clients properly. Look for schools accredited by the Association to Advance Collegiate Schools of Business (AACSB).
Masters Of Science
A Master of Science in Taxation degree prepares students who currently work as a tax professional or are pursuing a career in tax, as a full-time or part-time student, for careers in federal, state and local taxation with public accounting firms and tax agencies. Applicants to these programs must already have a four-year degree and have completed courses in financial accounting, business decisions and managerial accounting, along with a GMAT or LSAT score.
Master Of Accountancy
A Master of Accountancy (MAcc) is a taxation degree that leads students into a career in the field of taxation as a professional accountant, with the necessary background to further an education in accountancy or to earn CPA certification. Students will be prepared to handle tax returns at any level for an individual or corporation.
Juris Doctorate And Master of Laws Joint Degree
Some schools offer joint degrees as a J.D. and LLM degree with a focus on taxation. Students learn about the four areas of modern tax law that will equip them with the necessary expertise for a career as a tax attorney. These programs typically require an extra semester of law school in order to earn both degrees.
Certified Public Accountants And Taxation Certifications
Certified public accountants (CPA) offer general accounting services advising organization and individuals on their financial investments as well as preparing tax returns. Many taxation degree programs require students to have already taken the CPA certification exam. Other possible exams for tax degree students or graduates include the Certified Management Accountant (CMA) and Certified Internal Auditor (CIA) exams, which are different in terms of what kind of services they provide. Both of these tests are four-part exams, whereas the Accredited Business Accountants (ABA) exam is eight hours and includes testing on reporting, statement preparation, financial accounting, taxation and business law.
Students earning a degree in taxation need to have a basic education in accounting and finance before entering a program. The coursework for taxation teaches students all aspects of taxation and tax law. Some of the courses students may encounter during their studies include partners or partnerships taxation, tax databases, estates and gift taxation, managerial accounting, taxation of income from trusts and estates, corporate income tax, procedures and practices in taxation, auditing, taxation of corporate reorganization, business corporation taxation, information system for accounting, tax planning and theory of accounting.
Other classes may include international taxation, taxation of partnerships, corporations and shareholders, state and local income taxes, penalties and procedures, tax exempt organizations, advanced individual taxes, executive compensation taxation, international transaction taxes and tax research.
Careers in taxation can include collecting taxes for the IRS as well. Taxation degrees create a very specific career niche for graduates to fill, whether as a management accountant or government auditor. Tax accountants prepare federal, state and local tax returns for individuals and organizations, recommending changes to reduce the amount of money owed. Law school graduates can put their taxation degree to use in their future job as a tax attorney.
According to the U.S. Bureau of Labor, the job outlook for taxation and accounting graduates is very good, as the government and private industries will always need people to deal with intricate and complicated tax laws and topics. The salary range for tax professionals ranges from $61,000 to $112,000. Tax managers earn an average annual salary of $98,300. Tax lawyers, on the other hand, earn anywhere between $69,910 and $145,600 in wages, depending on whether they are working for the government or a private firm.
Taxation (Tax) Degree FAQs
Do I Need a Degree in Taxation to Work in the Field?
If you plan to handle the finances of others, an educational background in accounting or a specialized degree in taxation is often necessary. Whether you want to work as a freelance certified public accountant or for the IRS, proper training in taxation will help you reach your occupational goals.
What Can I Do With a Taxation Degree?
Many individuals use a degree in taxation to start their own tax service companies. One can also become a CPA, a tax consultant, a financial analyst or work as a taxation professional in the commercial or government sectors.
What Is the Job Outlook for Taxation Degree Graduates?
Due to the constant changes in the economic landscape and varying domestic and international tax laws, there is always a high demand for taxation professionals with a degree in the field. Companies need these individuals to help navigate the often confusing rules, regulations and techniques of taxation law.
What Are Some Topics Covered in Online Taxation Degree Programs?
Each online program in taxation is unique, as it is developed by the accredited learning institution providing it. However, most programs contain the same basic elements, such as income tax theory, taxation law, taxation strategies and techniques, general business education and ethics.
Is a Degree in Taxation From an Online Program Comparable to a Campus Program?
Online degrees in taxation provided by accredited colleges and universities receive the same level of recognition as degrees earned through campus program. In most cases, these programs are identical in scope and curriculum. They place students in real-life situations and train them to steer away from potential pitfalls while taking advantage of certain tax opportunities that can help a potential business flourish.
Why Should I Consider Enrolling in an Online Degree Course in Taxation?
Online degree programs allow students to keep their full-time jobs while providing the opportunity to pursue their dreams. Whether you are looking for a new career or you want to advance in your current role, online and distance learning programs in taxation can help you get there. Online classes in taxation will prepare you with the education and experience you need to successfully work in this important business field.
Taxation (Tax) student Resources
A tax is a financial levy imposed on individuals and enforced by a state or legal entity. Government agencies are responsible today for collecting taxes, such as the Internal Revenue Service (IRS), which can administer civil or criminal penalties if taxes are not paid. The government uses funds paid through taxing on expenditures within the government, such as defense, law enforcement, property protection, public works, economic infrastructure, social engineering, education, health care, pensions, unemployment, waste management, public utilities and public transportation.
Taxation consists of gathering revenue from individual or corporations and redistributing it for government services and functions. Re-pricing uses taxes to discourage external forces, such as the ìsin taxî on alcohol and tobacco. Most arguments, particularly political views about taxes, deal with methods and spending, not taxation itself.
Studying tax calls for a substantial amount of reading, as tax lawyers and accountants need to be up-to-date on the most recent changes in taxation. Much of the reading material in tax classes is based on regulations for a particular year. Some textbooks students are likely to read include "Basic Federal Income Taxation" by William D. Andrews, "Accounting and Tax Principles for the Legal Professional" by Beth Walston-Dunham and "Corporate and Partnership Income Tax Code and Regulations" by Kirk J. Stark and William A. Klein.
Taxation Articles And Databases
A taxation degree requires learning research skills and becoming adept at finding tax laws that could potentially change the outcome of a clientís needs. Go to the school library to find databases and research materials like articles, journals and various publication concerning tax topics. RIA and CCH are the premier online tax research tools and are an excellent place to start any search, along with LexisNexis Academic and Westlaw for law students studying taxation. The Journal of Taxation and Journal of International Accounting, Auditing and Taxation are also great resources.