Corporate Tax Lawyers in Salida

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

Corporate Tax Rate in Salida, Colorado

All corporations in America have to pay a federal income tax. Many states also have a corporate income tax, which corporations operating in Salida, 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 several 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 therefore improve their economies) is to have a low corporate tax rate.

In Salida, 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 Salida, Colorado Corporate Tax Lawyer Help?

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

But most smaller Salida 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 Salida, Colorado as soon as you can.