Corporate Tax Lawyers in Round Lake

In Round Lake, 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 Round Lake, Illinois

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

But most smaller Round Lake corporations cannot afford to have these professionals on staff. So, they simply hire them as needed. If you are a business owner, and you have questions about corporate taxation, you should seek the counsel of a competent and reputable tax lawyer in Round Lake, Illinois as soon as you can.