Corporate Tax Lawyers in Gladstone

In Gladstone, 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 system is occasionally called "corporate personhood" by Michigan lawyers. It means, in simple terms, that the law treats a corporation just as it would treat a human being - having most of the legal rights and duties that also apply to individuals.

One of the major legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.

Corporate Tax Rate in Gladstone, Michigan

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

Under the federal tax system, and the tax laws of several states, corporate income is taxed at a different rate from the income of individuals. For instance, 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.

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 their legal tax rate, all corporations in Gladstone, Michigan are obligated to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can occasionally prove financially ruinous.

How Can a Gladstone, 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 Gladstone, you likely can't afford a full-time in-house lawyer. For that reason, you should contact an attorney in Gladstone, Michigan who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi