Corporate Tax Lawyers in Colona
In Colona, Illinois, a "corporation" is specified as a legal entity that's separate from its owners. So, 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 Colona, Illinois
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states also have their own corporate income tax, which corporations located in Colona, Illinois have to remit.
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 several tax brackets in between. Nonetheless, the individual federal income tax rate tops at 33%.
There's also a good chance that the tax rate applicable to corporations in Illinois differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. So, in some states, the corporate tax rate is lower than the individual tax rate.
Whatever a company's legal tax rate is, all corporations in Colona, Illinois must pay the taxes assessed against them. If they don't, they can be made to pay very large fines - usually much larger than their original tax bill.
How Can a Colona, 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 Colona, you likely can't afford a full-time in-house lawyer. For that reason, you should hire an attorney in Colona, Illinois who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi