Corporate Tax Lawyers in Evangeline Parish

In Evangeline Parish, Louisiana, 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 Louisiana, 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.

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

Corporate Tax Rate in Evangeline Parish, Louisiana

All corporations in America have to pay a federal income tax. Several states also have a corporate income tax, which corporations operating in Evangeline Parish, Louisiana have to pay.

In most states, and at the federal level, corporations are taxed at a different rate than individuals. At the federal level, the corporate income tax maxes out at 35% for corporations that earn more than .3 million per year. Corporations that earn less than ,000 per year are taxed at 15%. There are various tax brackets in between. However, the individual federal income tax rate tops at 33%.

The corporate tax rate in Louisiana 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 consequently improve their economies) is to have a low corporate tax rate.

In any case, Evangeline Parish, Louisiana corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to severe penalties, such as very large fines. These fines can be big enough to put some smaller companies out of business. Suffice to say, it's typically cheaper for corporations to pay their taxes than to not.

How Can a Evangeline Parish, Louisiana Corporate Tax Lawyer Help?

Most very large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in compliance with all applicable state and federal income tax laws.

However, if you are the owner of a smaller corporation in Evangeline Parish, you probably can't afford a full-time in-house lawyer. For that reason, you should contact an attorney in Evangeline Parish, Louisiana who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi