Corporate Tax in Lake Havasu City, Arizona
In Lake Havasu City, 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 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 Lake Havasu City, 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 Lake Havasu City, Arizona have to remit.
The federal corporate income tax rate is different from the tax rate that applies to individuals. The highest corporate tax rate at the federal level is 35% of income - applying to companies that make over $18.3 million per year. Corporations earning under $50,000 pay a 15% tax rate. There are many tax brackets in between.
There's also a good chance that the tax rate applicable to corporations in Arizona differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. Therefore, in some states, the corporate tax rate is lower than the individual tax rate.
In any case, Lake Havasu City, 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 Lake Havasu City, Arizona Corporate Tax Lawyer Help?
Many major corporations employ tax lawyers full time, to guarantee that they are in conformity with tax laws, and find legal means to reduce their tax liability.
But most smaller Lake Havasu City corporations cannot afford to have these professionals on staff. Therefore, they simply hire them as needed. If you are a business owner, and you have concerns about corporate taxation, you should seek the counsel of a competent and dependable tax lawyer in Lake Havasu City, Arizona as soon as you can.
6 Tax Law cases posted to LegalMatch lawyers in Lake Havasu City
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Life in Lake Havasu CityLake Havasu City is located in Mohave County, Arizona. It is more of an isolate area from the rest of Mohave County, and is home to about 52,527 people.
What is there to do in this area? Popular attractions include Wheeler Park, London Bridge, The Nautical Beachfront Resort, Rotary Park, Turtle Beach Bar, and the Lake Havasu Art Collective.
Some famous people who have called Lake Havasu City home are Jim Health, Michael Biehn, Ryan Reynolds, Mike Corkins, and Bob Milacki.
Lake Havasu City is also home to many small law offices and law firms with competent attorneys devoted to providing personalized and excellent legal services.
All in all Lake Havasu City is a wonderful get-away for Arizona residents and anyone else!