Corporate Tax in Janesville, Wisconsin

Find the right Corporate Tax attorney in Janesville, WI

Corporate Tax Lawyers in Janesville

In Janesville, Wisconsin, a "corporation" is a legal entity formed under the law, which is treated (for some purposes) as a "person" with a legal identity distinct from that of its owner.

This doctrine is recognized as "corporate personhood." While the concept is somewhat abstract, the law of Wisconsin treats corporations as individual persons, for most purposes. This means that, legally, corporations have most of the same rights, privileges, and commitments as living, breathing human beings.

One of the major legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.

Corporate Tax Rate in Janesville, Wisconsin

Every corporation in the U.S. which has taxable income must pay its share of the federal corporate income tax. The majority of states further have a corporate income tax, which Janesville, Wisconsin corporations are required to pay.

At the federal level, and in certain states, corporations are taxed at different rates from individuals. Federally, the top corporate tax rate is 35% - a rate applying to corporations earning more than .3 million per year. Corporations earning less than ,000 a year pay a 15% corporate tax rate, and there are a few tax brackets in between. For comparison, the federal income tax for persons maxes out at 33%.

The corporate tax rate in Wisconsin may also differ from the individual tax rate. However, in many states, the corporate tax rate is lower than the individual income tax rate. This is because many states believe that the ideal way to attract business (and thus improve their economies) is to have a low corporate tax rate.

In any case, Janesville, Wisconsin 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 normally cheaper for corporations to pay their taxes than to not.

How Can a Janesville, Wisconsin Corporate Tax Lawyer Help?

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

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

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Life in Janesville

With a population of 61,310 Janesville, Wisconsin has it all. Janesville is located in South Central Wisconsin and was founded in 1835. Since its founding, the charming city has done nothing but grow and prosper. Janesville was named after an early settler to the town -- Henry James.

Janesville was the site of the first Wisconsin State Fair in 1851, an event that over 10,000 people attended. It is no wonder then that so many people enjoy visiting and living in Janesville. Janesville is also home to lots of historical homes, in fact 20% of the nationally registered historic homes in Wisconsin are in Janesville. Aptly named "City of Parks," Janesville has an extensive park system that includes nature trails, boat lakes, and 53 parks in total.

Janesville is also home to some interesting legal history. Janesville lawyers are some of the best in the business and Janesville is also home to Wisconsin's first female lawyer --Lavinia Goddell in 1874. In addition to lawyers, there are lots of other great business and industry which make the city a great place to start a career.

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