While we all know the general meaning of the word tax, there are so many aspects of taxation, that it would be impossible to know everything. Courses in taxation prepare students for various fields in business including accounting. Learning about the different tax laws and types is studied, along with the varying terminology. There are several categories of tax, such as income tax, capital gains tax, personal property tax, wealth tax, income tax, and corporation tax, just to name a few. A class in taxation helps students to understand the main differences between all of them, and how our tax dollars are used within government. The history of the IRS and how taxes came to be is also studied. A thorough knowledge of taxation and the laws associated with it is absolutely imperative to any business. A solid background in this aspect can really help students pursuing careers within this field.