Corporate Tax Lawyers in Elberton

In Elberton, 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 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 Elberton, Georgia

All corporations in America have to pay a federal income tax. Various states also have a corporate income tax, which corporations operating in Elberton, Georgia 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 many tax brackets in between. Nonetheless, the individual federal income tax rate tops 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.

In Elberton, Georgia, 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 Elberton, 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 Elberton, you likely can't afford a full-time in-house lawyer. For that reason, you should retain an attorney in Elberton, Georgia who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi