Corporate Tax Lawyers in San Gabriel
In San Gabriel, 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 San Gabriel, California
All corporations in America have to pay a federal income tax. Many states also have a corporate income tax, which corporations operating in San Gabriel, California have 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.
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 considerably lower than the individual rate.
Whatever their legal tax rate, all corporations in San Gabriel, California are required to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can sometimes prove financially ruinous.
How Can a San Gabriel, 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.
However, if you are the owner of a smaller corporation in San Gabriel, you probably can't afford a full-time in-house lawyer. For that reason, you should contact an attorney in San Gabriel, California who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi