Corporate Tax Lawyers in Spring Hill

In Spring Hill, 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."

This rule is called "corporate personhood." Basically, under the law of Kansas, corporations are, in many ways, the same as individual human beings. So, corporations have some of the same legal rights and obligations as actual people.

One of the main legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.

Corporate Tax Rate in Spring Hill, Kansas

Virtually 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 Spring Hill, Kansas are required to pay it.

At the federal level, and in some 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 individuals maxes out at 33%.

The tax rate in Kansas 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 Spring Hill, Kansas 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 Spring Hill, Kansas Corporate Tax Lawyer Help?

Most larger corporations have lawyers and accountants who ensure that they are in full compliance with both state and federal tax law.

But if you are the owner of a small corporation in Spring Hill, 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 important that you speak with a lawyer in Spring Hill, Kansas who practices tax law.