Corporate Tax Lawyers in Minooka

In Minooka, Illinois, a "corporation" is an entity that is, under the law, distinct from any of its owners. Essentially, 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 most of the identical legal rights and obligations as actual human beings.

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

Corporate Tax Rate in Minooka, Illinois

Every corporation in the U.S. which has taxable income must pay its share of the federal corporate income tax. The majority of states further have a corporate income tax, which Minooka, Illinois corporations are required 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.

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. Therefore, in some states, the corporate tax rate is lower than the individual tax rate.

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

How Can a Minooka, 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.

As most business owners know, however, the majority of small Minooka corporations can't afford to have attorneys on staff full time. Therefore, 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 Minooka, Illinois tax attorney immediately.