Corporate Tax Lawyers in Fountain

In Fountain, Colorado, 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 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 noticeable example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.

Corporate Tax Rate in Fountain, Colorado

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 Fountain, Colorado are required 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 best way to attract business (and consequently improve their economies) is to have a low corporate tax rate.

In any case, Fountain, Colorado corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to severe 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 Fountain, Colorado Corporate Tax Lawyer Help?

Most very large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in compliance with all applicable state and federal income tax laws.

But if you are the owner of a small corporation in Fountain, chances are you don't have a full-service legal department on your payroll. Thus, if you need help with your corporate taxes, it's important that you speak with a lawyer in Fountain, Colorado who practices tax law.