Corporate Tax Lawyers in Baxley

In Baxley, Georgia, a "corporation" is specified as a legal entity that's separate from its owners. Therefore, from a legal standpoint, the owner of a corporation and the corporation itself are not the same "person."

This concept is referred to as "corporate personhood" in Georgia, and it basically means that, for many purposes under the law, corporations are treated the same as individual people, being subject to many of the same rights and responsibilities.

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 Baxley, Georgia

Every corporation in the United States is obligated to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Baxley, Georgia are obligated to pay.

At the federal level, and in certain states, corporations are taxed at different rates from individuals. Federally, the top corporate tax rate is 35% - a rate applying to corporations earning more than .3 million per year. Corporations earning less than ,000 a year pay a 15% corporate tax rate, and there are a few tax brackets in between. For comparison, the federal income tax for persons maxes out at 33%.

The tax rate in Georgia for corporations probably also differs from the taxes that individuals must pay. In some states, the government has determined that their interests would be best served by making corporate taxes as low as possible. So in many states, the tax rate for corporations is much lower than the one paid by individuals, unlike the federal corporate tax.

Whatever a company's legal tax rate is, all corporations in Baxley, Georgia must pay the taxes assessed against them. If they don't, they can be made to pay very massive fines - normally much larger than their original tax bill.

How Can a Baxley, Georgia Corporate Tax Lawyer Help?

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

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