Corporate Tax Lawyers in Burbank

In Burbank, Illinois, a "corporation" is defined 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 sometimes 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 Burbank, Illinois

All corporations in America have to pay a federal income tax. Several states also have a corporate income tax, which corporations operating in Burbank, Illinois have to pay.

Under the federal tax system, and the tax laws of some states, corporate income is taxed at a different rate from the income of individuals. For example, 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.

The corporate tax rate in Illinois 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 consequently improve their economies) is to have a low corporate tax rate.

In Burbank, Illinois, 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 Burbank, Illinois Corporate Tax Lawyer Help?

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

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