Corporate Tax Lawyers in Bellwood
In Bellwood, Illinois, 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 system is occasionally called "corporate personhood" by Illinois 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.
As a prime example, corporations have to pay income taxes, just as a person would.
Corporate Tax Rate in Bellwood, Illinois
All corporations in America have to pay a federal income tax. Various states also have a corporate income tax, which corporations operating in Bellwood, Illinois have to pay.
Under the federal tax system, and the tax laws of several states, corporate income is taxed at a different rate from the income of individuals. For instance, the top federal income tax rate for corporations is 35%, compared with 33% for individuals. The highest tax rate applies to corporations making more than .3 million per year. The lowest corporate tax rate is 15%, applying to those corporations that make less than ,000 per year.
Likewise, chances are good that the corporate tax rate in Illinois 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 Bellwood, Illinois, 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 Bellwood, Illinois 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 Bellwood, you likely can't afford a full-time in-house lawyer. For that reason, you should contact an attorney in Bellwood, Illinois who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi