Corporate Tax Lawyers in Perry
In Perry, Iowa, a "corporation" is defined 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 system is sometimes called "corporate personhood" by Iowa lawyers. It means, in simple terms, that the law treats a corporation just as it would treat a human being - having most of the legal rights and duties that also apply to individuals.
One of these obligations is the duty to pay income tax in much the same way as an individual person.
Corporate Tax Rate in Perry, Iowa
All corporations in America have to pay a federal income tax. Many states also have a corporate income tax, which corporations operating in Perry, Iowa 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. However, the individual federal income tax rate tops at 33%.
In Iowa the corporate tax rate probably differs from the individual tax rate as well. In many states, policymakers have determined that the local economy benefits most when it is business-friendly. In those states, the corporate tax rate is usually lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.
Whatever a company's legal tax rate is, all corporations in Perry, Iowa 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 Perry, Iowa Corporate Tax Lawyer Help?
Most bigger companies have corporate attorneys and accountants on staff who help them comply with federal and state tax laws.
However, if you are the owner of a smaller corporation in Perry, you probably can't afford a full-time in-house lawyer. For that reason, you should retain an attorney in Perry, Iowa who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi