Corporate Tax Lawyers in Sullivan
In Sullivan, 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 evident example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Sullivan, 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 Sullivan, Indiana have to remit.
The federal corporate income tax rate is different from the tax rate that applies to individuals. The highest corporate tax rate at the federal level is 35% of income - applying to companies that make over .3 million per year. Corporations earning under ,000 pay a 15% tax rate. There are several tax brackets in between.
There's also a good chance that the tax rate applicable to corporations in Indiana differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. So, in some states, the corporate tax rate is lower than the individual tax rate.
Whatever a company's legal tax rate is, all corporations in Sullivan, 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 Sullivan, Indiana Corporate Tax Lawyer Help?
Many larger corporations have lawyers and accountants who guarantee that they are in complete compliance with both state and federal tax law.
But if you are the owner of a small corporation in Sullivan, 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 essential that you speak with a lawyer in Sullivan, Indiana who practices tax law.