Corporate Tax Lawyers in Cahokia

In Cahokia, 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 Cahokia, Illinois

All corporations in America have to pay a federal income tax. Numerous states also have a corporate income tax, which corporations operating in Cahokia, 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.

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 ideal way to attract business (and consequently improve their economies) is to have a low corporate tax rate.

Whatever their legal tax rate, all corporations in Cahokia, Illinois are obligated to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can occasionally prove financially ruinous.

How Can a Cahokia, Illinois Corporate Tax Lawyer Help?

The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to guarantee that they adhere with state and national corporate tax laws.

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