Corporate Tax Lawyers in Crest Hill

In Crest Hill, 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 Crest Hill, Illinois

Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states additionally have their own corporate income tax, which corporations located in Crest Hill, 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 various tax brackets in between. Nonetheless, the individual federal income tax rate tops at 33%.

In Illinois the corporate tax rate likely differs from the individual tax rate as well. In many states, policymakers have decided that the local economy benefits most when it is business-friendly. In those states, the corporate tax rate is normally 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 Crest Hill, Illinois must pay the taxes assessed against them. If they don't, they can be made to pay very considerable fines - typically much larger than their original tax bill.

How Can a Crest Hill, Illinois Corporate Tax Lawyer Help?

Many larger corporations have lawyers and accountants who guarantee that they are in complete compliance with both state and federal tax law.

But if you are the owner of a small corporation in Crest Hill, chances are you don't have a full-service legal department on your payroll. Thus, if you need help with your corporate taxes, it's essential that you speak with a lawyer in Crest Hill, Illinois who practices tax law.