Corporate Tax in Bloomington, Indiana

Find the right Corporate Tax attorney in Bloomington, IN

Corporate Tax Lawyers in Bloomington

In Bloomington, Indiana, a "corporation" is an entity that is, under the law, distinct from any of its owners. Essentially, this means that the people who own a corporation, and the corporation itself, are distinct "persons."

Corporations are subject to the rule of "corporate personhood." Simply put, this means that corporations, under the law in Indiana are treated as individual persons. This means they have most of the identical legal rights and obligations as actual human beings.

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

Corporate Tax Rate in Bloomington, Indiana

Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states also have their own corporate income tax, which corporations located in Bloomington, Indiana have to remit.

Under federal laws that govern corporate income taxes, corporations pay a different income tax rate from individual people. Corporations pay a maximum federal income tax rate of 35%, and a minimum rate of 15%, depending on their income. The high tax rate applies to corporations that make .3 million per year, and the low rate applies to any company bringing in less than ,000.

There's also a good chance that the tax rate applicable to corporations in Indiana differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. So, in some states, the corporate tax rate is lower than the individual tax rate.

In any case, Bloomington, Indiana corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to grave penalties, such as very large fines. These fines can be big enough to put some smaller companies out of business. Suffice to say, it's usually cheaper for corporations to pay their taxes than to not.

How Can a Bloomington, Indiana Corporate Tax Lawyer Help?

Many major corporations employ tax lawyers full time, to guarantee that they are in conformity with tax laws, and find legal means to reduce their tax liability.

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

Talk to a Tax Law Attorney now!

Life in Bloomington

Bloomington has been named a Tree City for more than 20 years and serves as the seat of Monroe County. Home to more than 70,000 Indiana residents, Bloomington plays host to a number of institutions of higher learning like Indiana University School of Law, Jacobs School of Music, and the Midwest Proton Radiotherapy Institute. Bloomington is also home to a number of experienced lawyers. Bloomington lawyers are licensed to practice through out the state and helped work on the movie Breaking Away which was filmed in Bloomington. It featured local quarries and a reenactment of Indiana University's Little 500 bicycle race.

Citizens and visitors of Bloomington are offered a thriving arts and cultural scene. Amateur theater companies like the University of Indiana Department of Theater and Drama, Bloomington Playwrights Project, and Theater of the People. Many performances are done at the famous Buskirk-Chumleuy Theater, a 616 seat vaudeville and movie house that was erected in 1922 and known locally as the "Indiana Theater." Many folks also frequent the happening music scene in Bloomington which hosts a large folk punk rock following. Bloomington is a popular concert tour stop for bands and fans come from around the nation to see their favorites play. 

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