Corporate Tax Lawyers in Crete

In Crete, Illinois, a "corporation" is defined as a legal entity that's separate from its owners. Thus, from a legal standpoint, the owner of a corporation and the corporation itself are not the same "person."

This system is sometimes called "corporate personhood" by Illinois lawyers. It means, in simple terms, that the law treats a corporation just as it would treat a human being - having most of the legal rights and duties that also apply to individuals.

As a prime example, corporations have to pay income taxes, just as a person would.

Corporate Tax Rate in Crete, Illinois

Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Most states additionally have their own corporate income tax, which corporations located in Crete, Illinois have to remit.

In most states, and at the federal level, corporations are taxed at a different rate than individuals. At the federal level, the corporate income tax maxes out at 35% for corporations that earn more than .3 million per year. Corporations that earn less than ,000 per year are taxed at 15%. There are various tax brackets in between. However, the individual federal income tax rate tops at 33%.

In Illinois the corporate tax rate probably differs from the individual tax rate as well. In many states, policymakers have determined that the local economy benefits most when it is business-friendly. In those states, the corporate tax rate is normally lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.

Whatever a company's legal tax rate is, all corporations in Crete, Illinois must pay the taxes assessed against them. If they don't, they can be made to pay very considerable fines - typically much larger than their original tax bill.

How Can a Crete, Illinois Corporate Tax Lawyer Help?

Most bigger companies have corporate attorneys and accountants on staff who help them comply with federal and state tax laws.

But most smaller Crete corporations cannot afford to have these professionals on staff. Thus, they simply hire them as needed. If you are a business owner, and you have questions about corporate taxation, you should seek the counsel of a competent and trustworthy tax lawyer in Crete, Illinois as soon as you can.