Corporate Tax Lawyers in Hazel Park

In Hazel Park, 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 system is sometimes 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 main legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.

Corporate Tax Rate in Hazel Park, Michigan

All corporations in America have to pay a federal income tax. Several states also have a corporate income tax, which corporations operating in Hazel Park, 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 various 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 considerably lower than the individual rate.

In any case, Hazel Park, Michigan corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to severe penalties, such as very large fines. These fines can be big enough to put some smaller companies out of business. Suffice to say, it's typically cheaper for corporations to pay their taxes than to not.

How Can a Hazel Park, 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.

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