Corporate Tax Lawyers in Patterson
In Patterson, Louisiana, a "corporation" is an entity that is, under the law, distinct from any of its owners. Essentially, this means that the people who own a corporation, and the corporation itself, are distinct "persons."
This rule is called "corporate personhood." Essentially, under the law of Louisiana, 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.
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 Patterson, Louisiana
Every corporation in the U.S. which has taxable income must pay its share of the federal corporate income tax. The majority of states also have a corporate income tax, which Patterson, Louisiana corporations are required 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 several tax brackets in between. Nonetheless, 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 ideal way to attract business (and therefore improve their economies) is to have a low corporate tax rate.
Whatever their legal tax rate, all corporations in Patterson, Louisiana are obligated to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can occasionally prove financially ruinous.
How Can a Patterson, Louisiana Corporate Tax Lawyer Help?
The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to guarantee that they adhere with state and national corporate tax laws.
But if you are the owner of a small corporation in Patterson, 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 essential that you speak with a lawyer in Patterson, Louisiana who practices tax law.