Corporate Tax Lawyers in Grayslake

In Grayslake, Illinois, a "corporation" is an entity that is, under the law, distinct from any of its owners. Basically, this means that the people who own a corporation, and the corporation itself, are distinct "persons."

Corporations are subject to the rule of "corporate personhood." Simply put, this means that corporations, under the law in Illinois are treated as individual persons. This means they have many of the same legal rights and responsibilities as actual human beings.

One of these obligations is the duty to pay income tax in much the same way as an individual person.

Corporate Tax Rate in Grayslake, Illinois

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

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. However, the individual federal income tax rate tops at 33%.

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 therefore improve their economies) is to have a low corporate tax rate.

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

How Can a Grayslake, Illinois Corporate Tax Lawyer Help?

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

As most business owners know, however, the majority of small Grayslake corporations can't afford to have attorneys on staff full time. So, if you run a small corporation, and are confused about the corporate tax issues that may affect you, it's a very good idea to retain the services of a Grayslake, Illinois tax attorney immediately.