Corporate Tax Lawyers in Clawson

In Clawson, Michigan, 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 concept is referred to as "corporate personhood" in Michigan, and it essentially 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 Clawson, Michigan

Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states also have their own corporate income tax, which corporations located in Clawson, Michigan have to remit.

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 Michigan 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.

In Clawson, Michigan, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in grave punishment, including huge fines which can put a corporation out of business.

How Can a Clawson, Michigan 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.

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