Corporate Tax in Lafayette, California

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In Lafayette, California, a "corporation" is specified as a legal entity that's separate from its owners. So, from a legal standpoint, the owner of a corporation and the corporation itself are not the same "person."

This rule is called "corporate personhood." Essentially, under the law of California, corporations are, in many ways, the same as individual human beings. So, corporations have some of the same legal rights and obligations as actual people.

One of a corporation's primary legal commitments is its duty to pay income taxes, as an actual person would.

Corporate Tax Rate in Lafayette, California

Basically every for-profit corporation in the U.S. is required to pay taxes on its income each year. Most states also have their own corporate income tax. All corporations in Lafayette, California are required to pay it.

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.

In California the corporate tax rate likely differs from the individual tax rate as well. In many states, policymakers have decided that the local economy benefits most when it is business-friendly. In those states, the corporate tax rate is typically lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.

Corporations in Lafayette, California are obligated to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in grave legal penalties, including fines that may prove ruinous, particularly for smaller businesses.

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How Can a Lafayette, California 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.

As most business owners know, however, the majority of small Lafayette corporations can't afford to have attorneys on staff full time. So, 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 Lafayette, California tax attorney immediately.

9 Tax Law cases posted to LegalMatch lawyers in Lafayette

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Life in Lafayette

Lafayette, California is a city in Contra Costa County, and is part of the San Francisco Bay Area. It currently has a population of about 25,000 people.

Lafayette, California is known for its pastoral hills, and upscale lifestyle. It is also known for a controversial long-term protest. In 2006, residents began placing thousands of crosses on the side of a hill, to memorialize the U.S. soldiers killed in Iraq, and to voice opposition to the war there.

Many successful upper-middle class professionals live in Lafayette, California. These include many accomplished attorneys. A large portion of these attorneys work in San Francisco and other larger cities. The presence of a commuter rail station makes this a very convenient arrangement, attracting attorneys who want the best of both worlds (the excitement and opportunity of a big city, and the quiet solitude of a small town) to Lafayette, California.

If you live in Lafayette, and need an attorney, you're in luck. There are many accomplished and competent attorneys in Lafayette, California who can help you with whatever legal problem you may be facing.

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