Corporate Tax Lawyers in Jeffersontown

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

This rule is called "corporate personhood." Basically, under the law of Kentucky, corporations are, in many ways, the same as individual human beings. Thus, 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 Jeffersontown, Kentucky

All corporations in America have to pay a federal income tax. Several states also have a corporate income tax, which corporations operating in Jeffersontown, Kentucky have to pay.

Under the federal tax system, and the tax laws of some states, corporate income is taxed at a different rate from the income of individuals. For example, 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.

Likewise, chances are good that the corporate tax rate in Kentucky are different from individual income taxes. However, many states feel that their economies would be best served by attracting as many businesses as possible. For that reasons, in a large number of states, the corporate income tax rate is considerably lower than the individual rate.

Whatever a company's legal tax rate is, all corporations in Jeffersontown, Kentucky 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 Jeffersontown, Kentucky Corporate Tax Lawyer Help?

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

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