Corporate Tax in Avondale, Arizona
In Avondale, Arizona, a "corporation" is specified as a legal entity that's separate from its owners. Therefore, from a legal standpoint, the owner of a corporation and the corporation itself are not the same "person."
This doctrine is recognized 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 apparent example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Avondale, Arizona
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states further have their own corporate income tax, which corporations located in Avondale, Arizona have to remit.
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 $18.3 million per year. Corporations earning less than $50,000 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%.
Likewise, chances are good that the corporate tax rate in Arizona 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 substantially lower than the individual rate.
In any case, Avondale, Arizona 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.
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How Can a Avondale, Arizona Corporate Tax Lawyer Help?
Most extremely large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in conformity with every applicable state and federal income tax laws.
As most business owners know, however, the majority of small Avondale corporations can't afford to have attorneys on staff full time. Therefore, 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 a Avondale, Arizona tax attorney immediately.
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Corporate Tax Attorneys in the Largest AZ Cities
Life in AvondaleAvondale is very near Phoenix, Arizona, located in Maricopa County. It is very well noted for being home to the Phoenix International Raceway, a fun and famous auto-racing facility!
Being near Phoenix, Avondale residents have access to some very well-known law firms of all sizes. Phoenix is home to many large, mid-size, and small law firms that are home to many competent attorneys. Many of these attorneys have been educated at the top-tier University of Arizona Law School. Therefore, many lawyers working in Phoenix have a connection to Arizona and its residents. Avondale citizens can therefore enjoy personalized legal service from attorneys who care about their home.
Some famous residents of Avonda include Craig Mabbitt, Nick Harris, Clancy Pendergast, Raymond Shuey, and Everson Griffen.