Corporate Tax Lawyers in La Junta
In La Junta, Colorado, a "corporation" is specified 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." Essentially, 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 apparent example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in La Junta, Colorado
All corporations in America have to pay a federal income tax. Numerous states also have a corporate income tax, which corporations operating in La Junta, Colorado have to pay.
Under the federal tax system, and the tax laws of several states, corporate income is taxed at a different rate from the income of individuals. For instance, the top federal income tax rate for corporations is 35%, compared with 33% for individuals. The highest tax rate applies to corporations making more than .3 million per year. The lowest corporate tax rate is 15%, applying to those corporations that make less than ,000 per year.
Likewise, chances are good that the corporate tax rate in Colorado 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 significantly lower than the individual rate.
Whatever their legal tax rate, all corporations in La Junta, Colorado are obligated to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can occasionally prove financially ruinous.
How Can a La Junta, Colorado Corporate Tax Lawyer Help?
Many major corporations employ tax lawyers full time, to guarantee that they are in conformity with tax laws, and find legal means to reduce their tax liability.
But if you are the owner of a small corporation in La Junta, chances are you don't have a full-service legal department on your payroll. So, if you need help with your corporate taxes, it's essential that you speak with a lawyer in La Junta, Colorado who practices tax law.