Corporate Tax in Dearborn, Michigan

Find the right Corporate Tax attorney in Dearborn, MI

Corporate Tax Lawyers in Dearborn

In Dearborn, 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 typically 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 apparent example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.

Corporate Tax Rate in Dearborn, Michigan

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

At the federal level, and in certain 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 persons maxes out at 33%.

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 considerably lower than the individual rate.

Whatever a company's legal tax rate is, all corporations in Dearborn, Michigan must pay the taxes assessed against them. If they don't, they can be made to pay very considerable fines - typically much larger than their original tax bill.

How Can a Dearborn, Michigan Corporate Tax Lawyer Help?

Most extremely large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in conformity with every applicable state and federal income tax laws.

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

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Life in Dearborn

Dearborn is in Wayne County, Michigan. It is the eighth largest city in the state. Ford Motor Company has its world headquarters in Dearborn, and the city is the home of Henry Ford. In fact, there is a community college (Henry Ford Community College) named after Mr. Ford. Another interesting fact about Dearborn is that it has an attraction called The Henry Ford, which is America's largest indoor-outdoor museum complex.

Along with Mr. Ford, some other notable residents include Johnny Pacar, Stavros Paskaris, George Peppard, Rima Fakih, David Burtka, Derek Lowe, Bob Seger, and Nancy Milford.

Some of the largest employers in Dearborn include Ford, the Oakwood Health System, Visteon, Dearborn Board of Education, Lear, United Technologies Auto, and Dearborn Stamping Plant.

Dearborn is also home to many attorneys who work in law offices and firms, and practice in various areas of law. Thus, the legal needs of residents and businesses is in good hands.

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