Corporate Tax Lawyers in Vivian
In Vivian, 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 Vivian, 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 Vivian, Louisiana corporations are required 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.
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 thus improve their economies) is to have a low corporate tax rate.
Corporations in Vivian, Louisiana 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 Vivian, 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.
But if you are the owner of a small corporation in Vivian, chances are you don't have a full-service legal department on your payroll. Therefore, if you need help with your corporate taxes, it's important that you speak with a lawyer in Vivian, Louisiana who practices tax law.