Corporate Tax Lawyers in Jefferson County

In Jefferson County, Kentucky, 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 Kentucky, 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.

As a prime example, corporations have to pay income taxes, just as a person would.

Corporate Tax Rate in Jefferson County, Kentucky

All corporations in America have to pay a federal income tax. Several states also have a corporate income tax, which corporations operating in Jefferson County, Kentucky have 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 Kentucky 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 their legal tax rate, all corporations in Jefferson County, Kentucky 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 Jefferson County, Kentucky 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.

Of course, smaller companies in Jefferson County can't afford to have full-time legal and accounting departments on their payroll. Accordingly, if your business is organized as a corporation, and has an issue with its taxes, it's essential that you contact a Jefferson County, Kentucky tax attorney as soon as possible.