Corporate Tax Lawyers in Port Allen
In Port Allen, 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. Therefore, corporations have some of the same legal rights and obligations as actual people.
An obvious example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Port Allen, 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 further have a corporate income tax, which Port Allen, Louisiana corporations are required to pay.
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%.
Likewise, chances are good that the corporate tax rate in Louisiana 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 substantially lower than the individual rate.
Whatever a company's legal tax rate is, all corporations in Port Allen, Louisiana must pay the taxes assessed against them. If they don't, they can be made to pay very massive fines - normally much larger than their original tax bill.
How Can a Port Allen, Louisiana Corporate Tax Lawyer Help?
Most bigger companies have corporate attorneys and accountants on staff who help them comply with federal and state tax laws.
However, if you are the owner of a smaller corporation in Port Allen, you probably can't afford a full-time in-house lawyer. For that reason, you should retain an attorney in Port Allen, Louisiana who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi