Corporate Tax Lawyers in Coffeyville
In Coffeyville, 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 noticeable example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Coffeyville, 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 Coffeyville, 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.
The corporate tax rate in Kansas may also differ from the individual tax rate. However, in many states, the corporate tax rate is lower than the individual income tax rate. This is because many states believe that the best way to attract business (and thus improve their economies) is to have a low corporate tax rate.
Corporations in Coffeyville, Kansas are required to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in severe legal penalties, including fines that may prove ruinous, especially for smaller businesses.
How Can a Coffeyville, Kansas Corporate Tax Lawyer Help?
The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to ensure that they comply with state and national corporate tax laws.
But most smaller Coffeyville corporations cannot afford to have these professionals on staff. Therefore, they simply hire them as needed. If you are a business owner, and you have questions about corporate taxation, you should seek the counsel of a competent and dependable tax lawyer in Coffeyville, Kansas as soon as you can.