Corporate Tax in Bakersfield, California
In Bakersfield, California, a "corporation" is defined 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 California treats corporations as individual persons, for most purposes. This means that, legally, corporations have many of the same rights, privileges, and obligations as living, breathing human beings.
An discernible example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Bakersfield, 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 additionally have a corporate income tax, which Bakersfield, California corporations are required to pay.
Under the federal tax system, and the tax laws of some states, corporate income is taxed at a different rate from the income of individuals. For example, 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.
The corporate tax rate in California 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 best way to attract business (and consequently improve their economies) is to have a low corporate tax rate.
Corporations in Bakersfield, California are required to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in severe legal penalties, including fines that may prove ruinous, especially for smaller businesses.
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How Can a Bakersfield, California Corporate Tax Lawyer Help?
Most bigger companies have corporate attorneys and accountants on staff who help them comply with federal and state tax laws.
Of course, smaller companies in Bakersfield can't afford to have full-time legal and accounting departments on their payroll. Accordingly, if your business is organized as a corporation, and has an issue with its taxes, it's imperative that you contact a Bakersfield, California tax attorney as soon as possible.
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Life in BakersfieldBakersfield, California is a city of over 300,000 people, located in Kern County, roughly at the midpoint between Los Angeles and Fresno. Bakersfield is considered one of the sunniest places in the United States.
Bakersfield, California's economy mostly revolves around oil and agriculture. Its other sectors largely operate in support of those major industries. In fact, Kern County is the most oil-productive county in the U.S. - and is responsible for about 10% of America's domestic oil production. Kern County is also one of the most agriculturally-productive regions in the United States, and is particularly well-suited for growing grapes, citrus fruit, roses, and almonds. Needless to say, Bakersfield is, and will continue to be, a very important part of America's economy.
More recently, however, other industries (such as manufacturing) have moved into Bakersfield, California, thanks to an abundance of inexpensive land.
In addition to the steady economic stimulus provided by industry, Bakersfield, California, has another relatively stable economic lifeline: a large four-year university. California State University, Bakersfield has approximately 7,800 students, from all over California, and the country.
It should go without saying, then, that there is no shortage of Bakersfield, California lawyers. Whatever legal issue you or a loved one might be facing, a Bakersfield, California lawyer can help.