Corporate Tax Lawyers in Hawthorn Woods

In Hawthorn Woods, 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 Hawthorn Woods, Illinois

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

The federal corporate income tax rate is different from the tax rate that applies to individuals. The highest corporate tax rate at the federal level is 35% of income - applying to companies that make over .3 million per year. Corporations earning under ,000 pay a 15% tax rate. There are various tax brackets in between.

The tax rate in Illinois for corporations probably also differs from the taxes that individuals must pay. In some states, the government has decided that their interests would be best served by making corporate taxes as low as possible. So in many states, the tax rate for corporations is much lower than the one paid by individuals, unlike the federal corporate tax.

Whatever a company's legal tax rate is, all corporations in Hawthorn Woods, 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 Hawthorn Woods, Illinois Corporate Tax Lawyer Help?

Most bigger companies have corporate attorneys and accountants on staff who help them comply with federal and state tax laws.

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