Corporate Tax in Albany, California

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In Albany, California, 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 California 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 Albany, California

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 Albany, California corporations are required to pay.

Under the federal tax system, and the tax laws of several states, corporate income is taxed at a different rate from the income of individuals. For instance, the top federal income tax rate for corporations is 35%, compared with 33% for individuals. The highest tax rate applies to corporations making more than $18.3 million per year. The lowest corporate tax rate is 15%, applying to those corporations that make less than $50,000 per year.

Likewise, chances are good that the corporate tax rate in California 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 Albany, California, 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.

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How Can a Albany, California 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.

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

7 Tax Law cases posted to LegalMatch lawyers in Albany

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Life in Albany

Albany, California is a city in Alameda County. It has a population of about 18,500 people.

The town of Albany was incorporated in 1909, when residents became fed up with the larger nearby city of Berkeley dumping its garbage in Albany. The residents voted to incorporate to give the town more territorial autonomy, allowing them to legally bar other cities from dumping garbage there without permission.

The city was named after Albany, New York, which was the birthplace of the town's first mayor.

Modernly, Albany is a quiet residential community, whose local economy is largely based around retail and services. Many professionals, such as lawyers, who practice in nearby larger cities, live in Albany, California.

There are also many lawyers who live, as well as practice, in Albany, California. So, if you need legal advice, it's very likely that there's an Albany, California attorney who will be able to help.

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