Corporate Tax in Grand Junction, Colorado

Find the right Corporate Tax attorney in Grand Junction, CO

Corporate Tax Lawyers in Grand Junction

In Grand Junction, Colorado, a "corporation" is defined 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." Basically, under the law of Colorado, 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.

An evident example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.

Corporate Tax Rate in Grand Junction, Colorado

All corporations in America have to pay a federal income tax. Many states also have a corporate income tax, which corporations operating in Grand Junction, Colorado have to pay.

In most states, and at the federal level, corporations are taxed at a different rate than individuals. At the federal level, the corporate income tax maxes out at 35% for corporations that earn more than .3 million per year. Corporations that earn less than ,000 per year are taxed at 15%. There are several tax brackets in between. However, the individual federal income tax rate tops at 33%.

In Colorado the corporate tax rate probably differs from the individual tax rate as well. In many states, policymakers have determined 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.

In Grand Junction, Colorado, 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 Grand Junction, Colorado Corporate Tax Lawyer Help?

Most larger corporations have lawyers and accountants who ensure that they are in full compliance with both state and federal tax law.

But most smaller Grand Junction corporations cannot afford to have these professionals on staff. So, they simply hire them as needed. If you are a business owner, and you have questions about corporate taxation, you should seek the counsel of a competent and reputable tax lawyer in Grand Junction, Colorado as soon as you can.

Talk to a Tax Law Attorney now!

Life in Grand Junction

Grand Junction, Colorado is a home-rule municipality, and the county seat of Mesa County, Colorado. According to a Census estimate from 2009, Grand Junction has a population of about 59,000 people. The city is located on the Colorado river, near where it receives the Gunnison River, hence the name "Grand Junction." Modernly, the city serves as an extremely important hub for commerce and transportation in its region. Grand Junction also grew rapidly in the 1970s and 80s, thanks to large deposits of oil shale. This was when technologies used to extract oil from shale became widely available. However, extracting oil from shale is still more expensive than simply drilling for it, and when oil prices began to decline, it ceased to be economically viable. This led to significant economic hardship for the region. In recent years, however, the economy of Grand Junction, Colorado has diversified and stabilized, eliminating the risks that arise when an economy becomes dependent on a single industry. It is a vibrant center for many industries, including healthcare, agriculture, livestock, and tourism. Grand Junction is near a major mountain resort, and it has become a popular destination for wealthy travelers. If you live in Grand Junction, and are facing any legal issue, whether it involves starting a business, adopting a child, taking out a mortgage, or writing a will, the chances that you'll be able to find a good Grand Junction, Colorado lawyer are excellent.

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