Corporate Tax in Apache Junction, Arizona
In Apache Junction, Arizona, a "corporation" is specified as a legal entity that's separate from its owners. Thus, from a legal standpoint, the owner of a corporation and the corporation itself are not the same "person."
This doctrine is identified as "corporate personhood." While the concept is somewhat abstract, the law of Arizona 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.
An evident example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Apache Junction, Arizona
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states additionally have their own corporate income tax, which corporations located in Apache Junction, Arizona have to remit.
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 $18.3 million per year. Corporations that earn less than $50,000 per year are taxed at 15%. There are various tax brackets in between. Nonetheless, the individual federal income tax rate tops at 33%.
The corporate tax rate in Arizona 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 consequently improve their economies) is to have a low corporate tax rate.
Whatever their legal tax rate, all corporations in Apache Junction, Arizona are obligated to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can occasionally prove financially ruinous.
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How Can a Apache Junction, Arizona 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.
But if you are the owner of a small corporation in Apache Junction, chances are you don't have a full-service legal department on your payroll. Thus, if you need help with your corporate taxes, it's essential that you speak with a lawyer in Apache Junction, Arizona who practices tax law.