Corporate Tax Lawyers in Berkley

In Berkley, Michigan, 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 concept is referred to as "corporate personhood" in Michigan, and it basically means that, for many purposes under the law, corporations are treated the same as individual people, being subject to many of the same rights and responsibilities.

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 Berkley, Michigan

All corporations in America have to pay a federal income tax. Many states also have a corporate income tax, which corporations operating in Berkley, Michigan have to pay.

The federal corporate income tax rate is different from the tax rate that applies to individuals. The highest corporate tax rate at the federal level is 35% of income - applying to companies that make over .3 million per year. Corporations earning under ,000 pay a 15% tax rate. There are many tax brackets in between.

Likewise, chances are good that the corporate tax rate in Michigan 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 Berkley, Michigan 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 Berkley, Michigan Corporate Tax Lawyer Help?

Most bigger companies have corporate attorneys and accountants on staff who help them comply with federal and state tax laws.

Of course, smaller companies in Berkley can't afford to have full-time legal and accounting departments on their payroll. Accordingly, if your business is organized as a corporation, and has an issue with its taxes, it's necessary that you contact a Berkley, Michigan tax attorney as soon as possible.