Corporate Tax Lawyers in Clinton
In Clinton, Indiana, 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 Indiana 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 Clinton, Indiana
Essentially every for-profit corporation in the U.S. is required to pay taxes on its income each year. Most states also have their own corporate income tax. All corporations in Clinton, Indiana are required to pay it.
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 many tax brackets in between. However, the individual federal income tax rate tops at 33%.
The tax rate in Indiana 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 their legal tax rate, all corporations in Clinton, Indiana are required to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can sometimes prove financially ruinous.
How Can a Clinton, Indiana Corporate Tax Lawyer Help?
Many major corporations employ tax lawyers full time, to ensure that they are in compliance with tax laws, and find legal means to reduce their tax liability.
However, if you are the owner of a smaller corporation in Clinton, you probably can't afford a full-time in-house lawyer. For that reason, you should retain an attorney in Clinton, Indiana who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi