Corporate Tax Lawyers in Hoopeston

In Hoopeston, 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 Hoopeston, Illinois

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

Under federal laws that control corporate income taxes, corporations pay a different income tax rate from individual people. Corporations pay a maximum federal income tax rate of 35%, and a minimum rate of 15%, depending on their income. The high tax rate applies to corporations that make .3 million per year, and the low rate applies to any company bringing in less than ,000.

Likewise, chances are good that the corporate tax rate in Illinois are different from individual income taxes. However, many states feel that their economies would be best served by attracting as many businesses as possible. For that reasons, in a large number of states, the corporate income tax rate is substantially lower than the individual rate.

In Hoopeston, Illinois, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in severe punishment, including huge fines which can put a corporation out of business.

How Can a Hoopeston, Illinois Corporate Tax Lawyer Help?

Most very large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in compliance with all applicable state and federal income tax laws.

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