Corporate Tax Lawyers in El Reno

A "corporation" in El Reno, Oklahoma is an organization formed under state law which is regarded a separate "person" from any of the people who run it.

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

One of a corporation's primary legal commitments is its duty to pay income taxes, as an actual person would.

Corporate Tax Rate in El Reno, Oklahoma

Practically every for-profit corporation in the U.S. is required to pay taxes on its income each year. Most states also have their own corporate income tax. All corporations in El Reno, Oklahoma are required to pay it.

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 several tax brackets in between. Nonetheless, the individual federal income tax rate tops at 33%.

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

In El Reno, Oklahoma, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in grave punishment, including huge fines which can put a corporation out of business.

How Can a El Reno, Oklahoma 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.

As most business owners know, however, the majority of small El Reno corporations can't afford to have attorneys on staff full time. So, if you run a small corporation, and are confused about the corporate tax issues that may affect you, it's a very good idea to retain the services of an El Reno, Oklahoma tax attorney immediately.