Whether you’re an accountant brushing up on your knowledge just before Tax Day or a citizen trying to put your finances in order before attempting to complete file your taxes, it pays to be aware of and literate in basic tax law. Tax laws codify the requirements for an individual, business, or other tax-paying entity in terms of their financial contribution the government. In other words, they tell a taxpayer how much to pay, what exemptions are possible, what the penalties are for failing to follow the guidelines, and more. If an individual were to find him- or herself in a situation where they may be audited, having a thorough understanding of tax law can be critical. By consulting with attorneys and accountants for more information, reading books about the topic, and gaining a better understanding of how taxes should be managed, taxpayers can save themselves money, stress, and other consequences.