Corporate Tax Lawyers in Boone County
In Boone County, Missouri, 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 Missouri 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.
As a prime example, corporations have to pay income taxes, just as a person would.
Corporate Tax Rate in Boone County, Missouri
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 Boone County, Missouri 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 various tax brackets in between. Nonetheless, the individual federal income tax rate tops at 33%.
There's also a good chance that the tax rate applicable to corporations in Missouri differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. Thus, in some states, the corporate tax rate is lower than the individual tax rate.
Whatever their legal tax rate, all corporations in Boone County, Missouri 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 Boone County, Missouri Corporate Tax Lawyer Help?
Many major corporations employ tax lawyers full time, to guarantee that they are in conformity with tax laws, and find legal means to reduce their tax liability.
But if you are the owner of a small corporation in Boone County, chances are you don't have a full-service legal department on your payroll. Thus, if you need help with your corporate taxes, it's essential that you speak with a lawyer in Boone County, Missouri who practices tax law.