Corporate Tax Lawyers in Roscoe
In Roscoe, 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.
As a prime example, corporations have to pay income taxes, just as a person would.
Corporate Tax Rate in Roscoe, Illinois
All corporations in America have to pay a federal income tax. Several states also have a corporate income tax, which corporations operating in Roscoe, 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 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 Roscoe, Illinois must pay the taxes assessed against them. If they don't, they can be made to pay very large fines - usually much larger than their original tax bill.
How Can a Roscoe, Illinois Corporate Tax Lawyer Help?
Most larger corporations have lawyers and accountants who ensure that they are in full compliance with both state and federal tax law.
But if you are the owner of a small corporation in Roscoe, chances are you don't have a full-service legal department on your payroll. So, if you need help with your corporate taxes, it's crucial that you speak with a lawyer in Roscoe, Illinois who practices tax law.