Corporate Tax Lawyers in Montrose

In Montrose, 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 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 Montrose, Colorado

All corporations in America have to pay a federal income tax. Numerous states also have a corporate income tax, which corporations operating in Montrose, Colorado have 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.

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 considerably lower than the individual rate.

In Montrose, Colorado, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in grave punishment, including huge fines which can put a corporation out of business.

How Can a Montrose, Colorado Corporate Tax Lawyer Help?

The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to guarantee that they adhere with state and national corporate tax laws.

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