Learning Journal – Business Tax Law

Learning Journal – Business Tax Law Introduction Business tax law is the study of the laws, rules and regulations that dictate how much tax businesses pay to the stipulated authorities, and also when and how the taxes are to be paid. Studying business tax law creates a deeper understanding of taxes hence enabling the learner to defend a business or corporation’s payment or non-payment of taxes. This paper aims to reflect on my experience learning business tax law, the skills I have gained and how the knowledge I gained is transferrable to my career.

Maintaining a Learning Journal A learning journal is one of the most effective methods of keeping track of one’s learning process and engaging with educational content in a much deeper manner (Bhullar, 2013). By journaling my experience with this course and the knowledge I have gained from it, I have developed a sense of responsibility towards my learning, and also become more engaged in my coursework. Maintaining a journal has made learning business tax law an enjoyable process, and has also enhanced my confidence in my ability to apply the skills I have learned practically.

Background Business tax law is one of the courses that fulfill my degree requirements. The course is important because businesses are the backbone of the economy; for countries to be economically successful they must create an environment that is conducive for the smooth running of business enterprises. Business, on the other hand, are also required to adhere to the rules and regulations that govern business operations, one of which is tax law. Knowledge of tax law is crucial in making decisions that are beneficial to the business, and also helps the business avoid negative consequences that may arise due to failure to comply with the law.

Goals and Interest towards the Module When I enrolled for business tax law at the beginning of the semester, I had two objectives in mind; firstly, to understand the laws and regulations that govern the taxation of corporates. My second objective was to score an excellent grade in this course in order to graduate with a high GPA. For many years, business tax law has been an interesting subject to me because taxes are one of the most complicated areas of business for most corporations. I am passionate about helping businesses learn how to minimize their tax obligations legally.

Additionally, knowledge of business tax laws can open up one’s career to exciting and lucrative opportunities. A career in tax law is also interesting to me because its job description is wide, therefore my work would vary from day to day. Some of these duties include filing complex returns, resolving tax issues, identifying how businesses can legally minimize their tax burden, undoing tax penalties and advising businesses about their tax obligations.

Areas of Interest and Reasons Learning how to resolve tax issues and legal methods for minimizing tax liability are my main areas of interest in this field. Over the years, I have heard of many businesses, multinational corporations and celebrities who lost their wealth due to failure to comply with tax laws. Most of their time, their non-compliance was due to lack of knowledge on tax laws and not necessarily out of a desire to escape the law. For many people, tax is a complicated subject, but for me, due to my keen interest, it is enjoyable. I enjoy the intellectual challenge of learning a complex subject, and reading widely to stay informed on the constant changes in tax law. I would like to be able to offer expert tax advice to businesses to help them avoid making mistakes that have the potential of costing them heavily in the future, sometimes even leading to business collapse.

Challenges and Areas of Improvement Business tax law is one of my best modules in my degree course because I intend to pursue it as a career. There are two key challenges, however, that I have experienced while learning this course. The first challenge is that tax laws and policies are constantly changing therefore I have to stay informed by reading extensively. Considering that I have several courses to study this semester, I do not always have sufficient time for researching business tax laws. The second challenge I have encountered while studying business tax law is making the best decision on the specific area of tax law that I want to pursue in my career. The course is very wide and has many areas of specialization, and this makes me feel that I may pursue one area and forego an area that has the potential to be more lucrative. While learning business tax law, we did some assignments in groups where I became aware of the fact that I need to work on sharpening my leadership and communication skills in order to succeed in my studies and my career.

Evaluation of Personal Learning Process The study of business tax law has demonstrated my ability to research intensively to learn more about a topic. I have also learned the importance of asking the right questions in the process of acquiring more knowledge of a topic. The process of learning begins with not having any knowledge on a topic, but through dedicatedly reading on the subject, one becomes more knowledgeable and can achieve expertise (Cherry, 2019).

In the course of learning business tax law, I also learned that I am a visual learner; hence I tend to focus on the end goal rather than the process of achieving it. This has been a detriment to my learning because business tax law requires keenness and ability to understand the key concepts of the topic, as opposed to cramming information (Potter, 2015).

Additionally, I have been working towards becoming a qualitative learner, where instead of focusing on the marks I attain, I focus on the quality of information I acquire and my aptitude in applying this knowledge in real-life scenarios.

Conclusion Reflection is an important aspect of learning it helps the student understand the personal and academic benefits they derive from a module, therefore, taking responsibility for their education. Students who journalize the learning process have a better understanding of what their interests are, and are able to make well-informed decisions regarding their career.

Reference Bhullar, N. (2013). Rating of Intensity of Emotions Across Auditory, Visual, and AuditoryVisual Sensory Domains. Current Psychology, 32(2), pp.186-196.

Cherry, K. (2019). Are You a Visual, Auditory, Reading/Writing, or Tactile Learner?, [online] Verywell Mind. Available at: https://www.verywellmind.com/vark-learning-styles2795156 [Accessed 8 Apr. 2019].

Potter, C. (2015). Leadership development: an applied comparison of Gibbs' Reflective Cycle and Scharmer's Theory U. Industrial and Commercial Training, 47(6), pp.336-342.