Corporate Tax Lawyers in Clinton

In Clinton, 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 Clinton, Missouri

Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states also have their own corporate income tax, which corporations located in Clinton, Missouri 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%.

In Missouri the corporate tax rate likely differs from the individual tax rate as well. In many states, policymakers have decided that the local economy benefits most when it is business-friendly. In those states, the corporate tax rate is typically lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.

Corporations in Clinton, Missouri are obligated to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in grave legal penalties, including fines that may prove ruinous, particularly for smaller businesses.

How Can a Clinton, 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 most smaller Clinton corporations cannot afford to have these professionals on staff. So, they simply hire them as needed. If you are a business owner, and you have concerns about corporate taxation, you should seek the counsel of a competent and reputable tax lawyer in Clinton, Missouri as soon as you can.