Corporate Tax Lawyers in Bonner Springs

In Bonner Springs, Kansas, 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 Kansas are treated as individual persons. This means they have many of the same legal rights and responsibilities as actual human beings.

An obvious example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.

Corporate Tax Rate in Bonner Springs, Kansas

Every corporation in the U.S. which has taxable income must pay its share of the federal corporate income tax. The majority of states further have a corporate income tax, which Bonner Springs, Kansas corporations are required to pay.

Under the federal tax system, and the tax laws of some states, corporate income is taxed at a different rate from the income of individuals. For example, 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.

Likewise, chances are good that the corporate tax rate in Kansas 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 substantially lower than the individual rate.

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

How Can a Bonner Springs, Kansas 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 Bonner Springs, you probably can't afford a full-time in-house lawyer. For that reason, you should retain an attorney in Bonner Springs, Kansas who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi