Corporate Tax Lawyers in Oxnard
In Oxnard, 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 rule is called "corporate personhood." Basically, under the law of California, corporations are, in many ways, the same as individual human beings. Thus, corporations have some of the same legal rights and obligations as actual people.
As a prime example, corporations have to pay income taxes, just as a person would.
Corporate Tax Rate in Oxnard, California
Every corporation in the United States is required to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Oxnard, California are required to pay.
Under federal laws that regulate corporate income taxes, corporations pay a different income tax rate from individual people. Corporations pay a maximum federal income tax rate of 35%, and a minimum rate of 15%, depending on their income. The high tax rate applies to corporations that make .3 million per year, and the low rate applies to any company bringing in less than ,000.
The tax rate in California for corporations probably also differs from the taxes that individuals must pay. In some states, the government has decided that their interests would be best served by making corporate taxes as low as possible. So in many states, the tax rate for corporations is much lower than the one paid by individuals, unlike the federal corporate tax.
In Oxnard, California, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in severe punishment, including huge fines which can put a corporation out of business.
How Can a Oxnard, California Corporate Tax Lawyer Help?
Many major corporations employ tax lawyers full time, to ensure that they are in compliance with tax laws, and find legal means to reduce their tax liability.
However, if you are the owner of a smaller corporation in Oxnard, you probably can't afford a full-time in-house lawyer. For that reason, you should contact an attorney in Oxnard, California who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi