Corporate Tax Lawyers in Dayton

In Dayton, Kentucky, 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."

This rule is called "corporate personhood." Essentially, under the law of Kentucky, corporations are, in many ways, the same as individual human beings. So, corporations have some of the same legal rights and obligations as actual people.

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

Corporate Tax Rate in Dayton, Kentucky

Every corporation in the United States is obligated to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Dayton, Kentucky are obligated to pay.

Under the federal tax system, and the tax laws of several states, corporate income is taxed at a different rate from the income of individuals. For instance, the top federal income tax rate for corporations is 35%, compared with 33% for individuals. The highest tax rate applies to corporations making more than .3 million per year. The lowest corporate tax rate is 15%, applying to those corporations that make less than ,000 per year.

There's also a good chance that the tax rate applicable to corporations in Kentucky 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.

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

How Can a Dayton, Kentucky Corporate Tax Lawyer Help?

The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to guarantee that they adhere with state and national corporate tax laws.

However, if you are the owner of a smaller corporation in Dayton, you likely can't afford a full-time in-house lawyer. For that reason, you should hire an attorney in Dayton, Kentucky who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi