Corporate Tax Lawyers in Princeton
In Princeton, Indiana, 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 Indiana are treated as individual persons. This means they have most of the identical legal rights and obligations as actual human beings.
An discernible example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Princeton, Indiana
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states also have their own corporate income tax, which corporations located in Princeton, Indiana have to remit.
At the federal level, and in certain states, corporations are taxed at different rates from individuals. Federally, the top corporate tax rate is 35% - a rate applying to corporations earning more than .3 million per year. Corporations earning less than ,000 a year pay a 15% corporate tax rate, and there are a few tax brackets in between. For comparison, the federal income tax for persons maxes out at 33%.
Likewise, chances are good that the corporate tax rate in Indiana are different from individual income taxes. However, many states feel that their economies would be best served by attracting as many businesses as possible. For that reasons, in a large number of states, the corporate income tax rate is significantly lower than the individual rate.
Whatever a company's legal tax rate is, all corporations in Princeton, Indiana 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 Princeton, Indiana 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.
But most smaller Princeton 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 concerns about corporate taxation, you should seek the counsel of a competent and reputable tax lawyer in Princeton, Indiana as soon as you can.