Whereas several multinational corporations avoid paying taxes, small firms encounter different taxation challenges today. Therefore, they employ Townsville lawyers with specialization in taxation-related problems to enhance their compliance with federal regulations. Statistics show that more than 70% of students studying law eventually become lawyers. Among all degrees concerning legal matters, taxation appears more academically beneficial for youngsters. There are several benefits of earning an LLM and becoming a taxation expert in 2021. More companies will require these services in the post-COVID world. So, let’s review various advantages of studying tax law and statistics regarding this degree.
Pros of Studying Tax Law in This Decade
What sort of taxation problems can you solve with an LLM degree? Today, small firms face several issues, e.g., ignorance from how our tax code benefits them over larger companies. Similarly, businesses suffer from compliance problems and are predisposed to overpay/underpay their taxes. Even individuals aren’t exempt from these challenges due to which they’re compelled to consult taxation experts to fulfill their obligations. With e-learning facilities available, getting an LLM degree isn’t that difficult anymore.
Technology has revolutionized how attorneys serve their employers today. Now, universities can offer graduate education digitally to the candidates. So, you can pursue your LLM taxation online from some of the most prestigious learning institutes in the United States. From decreasing taxable income to calculating proper deductibles – you can perform a range of services after 18 months of online learning. We’ll discuss the ten most important reasons why you should be motivated about studying tax law:
- In-Demand Profession
Understanding complex regulations and tax-related jargon aren’t possible for people without proper education. So, taxation experts remain in-demand professionals, with many companies requiring their unique legal acumen. Anyone who knows the ins and outs of taxation can acquire an important position in some well-known names in global business. An LLM degree will help you comprehend the intricacies of the American tax code, and you’ll ultimately land a job somewhere.
- Valuable Occupation
From middle-class individuals to heavily-funded conglomerates – everyone pays taxes thereby needs to consult taxation experts. Thus, studying tax law helps you acquire a valuable occupation that will remain much sought-after even in the upcoming future. Experts have noted that tax law keeps itself relevant during both bad times and good times. Even if a company faces economic instability, it does hire taxation experts. So, you can make a decent living after studying tax law with your expertise.
- Financial Stability
Lawyers make handsome salaries, according to national statistics. BLS estimates that lawyers make over $120,000 annually on average. So, studying tax law enables you to land a secure, stable, and evergreen career. With a 9% expected growth in this field, more youngsters are expected now to pursue an LLM degree. This well-paying and well-respected profession will keep your career secure, your finances ensured, and your mental health intact. It offers both wealth and health!
- Work-Life Balance
Taxation experts enjoy a healthy work-life balance. Since their work-related responsibilities only get hectic during the employer’s annual/quarterly payments. So, you’ll find yourself active every year from February to April. Otherwise, you can even take vacations and work flexible hours. Moreover, a 2018 survey shows that three-fourths of lawyers frequently work outside of business hours. Still, only 39% of them find these hours harming their domestic lifestyle. So, it seems like a fine motivator.
- Various Specializations
There are various sub-fields within tax law for further specialization. These sub-fields help you gain deeper expertise in this niche and acquire a more profound understanding of taxation. So, you may focus your practice on different specializations – based on your interests – some of which being:
- Estate planning
- International tax law
- Mergers & acquisitions
- Job Satisfaction
It’s imagined that lawyers remain stressed because of the different responsibilities they have to handle. However, taxation experts score well on job satisfaction graphs. A survey shows that associates who work in taxation are more satisfied than other legal professionals. When asked about why they were satisfied, respondents replied that they did “exciting work.” This work leads to more knowledge, thereby making tax law a lucrative academic discourse for folks.
- Evergreen Careers
For adventure-loving youngsters, becoming a taxation expert requires you to keep up with the ever-changing tax code. Since tax law doesn’t remain the same instead, it continues to be updated by the government. That’s why many enthusiasts find it an exciting field that lacks monotony while the lawyer must remain vigilant constantly. So, you can advise your employer properly about how these changes will affect their payment structure. Studying tax law helps you enter evergreen careers.
- Growth Opportunities
Studying tax law helps you come face to face with several opportunities to grow your abilities, boost your qualifications, and advance in this career. You can collaborate with various professionals while working a corporate job. These professionals include labor/corporate or social security lawyers. So, these associations allow you to expand your perspective and give your skills an international flavor.
- Various Responsibilities
Today, businesses consider different factors before hiring a taxation expert. But your responsibilities will alter based on which company you’re serving right now. Working for nonprofits, you will make sure they’re compliant with state/federal regulations to remain tax-exempt. As a litigator, you can spend your time defending your client/employer against accusations made by the IRS or any other agency. So, these responsibilities make businesses consider if they’re interested in your services.
- Impact Subject
In the end, it’s an impactful career where you can make some real difference in people’s lives. Lawyers have a “bad rep” that youngsters can heal by helping individuals understand their taxation obligations. Even small businesses sometimes require external assistance. You can also help charitable organizations focus on humanitarian responsibilities by handling their taxation problems. Another option includes volunteering your services via organizations such as the VITA program.
Contrary to most jobs today, employment opportunities connected with tax law existed in ancient times. From Ancient Egypt (3,000 BC) to Medieval England (1,200 AD) – empires have utilized the concept of taxation and hired relevant experts. Thanks to distance learning opportunities, it’s become even easier to pursue an LLM degree today. So – if you’re fond of reading the Wall Street Journal – explore taxation as a career option. These jobs are stable, have satisfied employees, and offer handsome salaries. People who delve into tax law lead a balanced lifestyle while serving their clients either full-time or working as freelancers. These reasons have encouraged several youngsters to become taxation experts in 2021.