Corporate Tax Lawyers in Apple Valley

In Apple Valley, Minnesota, 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 Minnesota 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 these obligations is the duty to pay income tax in much the same way as an individual person.

Corporate Tax Rate in Apple Valley, Minnesota

Every corporation in the United States is required to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Apple Valley, Minnesota are required 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.

There's also a good chance that the tax rate applicable to corporations in Minnesota differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. Therefore, in some states, the corporate tax rate is lower than the individual tax rate.

Corporations in Apple Valley, Minnesota are required to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in severe legal penalties, including fines that may prove ruinous, especially for smaller businesses.

How Can a Apple Valley, Minnesota Corporate Tax Lawyer Help?

The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to ensure that they comply with state and national corporate tax laws.

But if you are the owner of a small corporation in Apple Valley, chances are you don't have a full-service legal department on your payroll. Therefore, if you need help with your corporate taxes, it's crucial that you speak with a lawyer in Apple Valley, Minnesota who practices tax law.