Corporate Tax Lawyers in Shepherdsville
In Shepherdsville, 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. Thus, 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 Shepherdsville, Kentucky
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 Shepherdsville, Kentucky are required to pay it.
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.
There's also a good chance that the tax rate applicable to corporations in Kentucky differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. Thus, in some states, the corporate tax rate is lower than the individual tax rate.
Corporations in Shepherdsville, Kentucky 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 Shepherdsville, 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.
But if you are the owner of a small corporation in Shepherdsville, chances are you don't have a full-service legal department on your payroll. Thus, if you need help with your corporate taxes, it's important that you speak with a lawyer in Shepherdsville, Kentucky who practices tax law.