Corporate Tax Lawyers in Shorewood

In Shorewood, 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.

As a prime example, corporations have to pay income taxes, just as a person would.

Corporate Tax Rate in Shorewood, Illinois

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

Under the federal tax system, and the tax laws of several states, corporate income is taxed at a different rate from the income of individuals. For instance, the top federal income tax rate for corporations is 35%, compared with 33% for individuals. The highest tax rate applies to corporations making more than .3 million per year. The lowest corporate tax rate is 15%, applying to those corporations that make less than ,000 per year.

In Illinois the corporate tax rate likely differs from the individual tax rate as well. In many states, policymakers have decided that the local economy benefits most when it is business-friendly. In those states, the corporate tax rate is normally lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.

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

How Can a Shorewood, Illinois Corporate Tax Lawyer Help?

Many major corporations employ tax lawyers full time, to guarantee that they are in conformity with tax laws, and find legal means to reduce their tax liability.

Of course, smaller companies in Shorewood can't afford to have full-time legal and accounting departments on their payroll. Therefore, if your business is organized as a corporation, and has an issue with its taxes, it's imperative that you contact a Shorewood, Illinois tax attorney as soon as possible.