Corporate Tax Lawyers in Fort Lupton

In Fort Lupton, Colorado, a "corporation" is specified 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." Essentially, under the law of Colorado, 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.

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 Fort Lupton, Colorado

Every corporation in the United States is obligated to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Fort Lupton, Colorado are obligated to pay.

The federal corporate income tax rate is different from the tax rate that applies to individuals. The highest corporate tax rate at the federal level is 35% of income - applying to companies that make over .3 million per year. Corporations earning under ,000 pay a 15% tax rate. There are various tax brackets in between.

The corporate tax rate in Colorado 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 ideal way to attract business (and consequently improve their economies) is to have a low corporate tax rate.

In any case, Fort Lupton, Colorado corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to grave penalties, such as very large fines. These fines can be big enough to put some smaller companies out of business. Suffice to say, it's typically cheaper for corporations to pay their taxes than to not.

How Can a Fort Lupton, Colorado Corporate Tax Lawyer Help?

Many bigger companies have corporate attorneys and accountants on staff who help them adhere with federal and state tax laws.

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