Corporate Tax Lawyers in Malden

In Malden, Missouri, a "corporation" is a legal entity that is totally distinct from any person - even its owner. So, this means that a corporation is a distinct "person" from its owners and directors.

Corporations are subject to the rule of "corporate personhood." Simply put, this means that corporations, under the law in Missouri are treated as individual persons. This means they have most of the identical legal rights and obligations as actual human beings.

One of a corporation's primary legal commitments is its duty to pay income taxes, as an actual person would.

Corporate Tax Rate in Malden, Missouri

Every corporation in the U.S. which has taxable income must pay its share of the federal corporate income tax. The majority of states further have a corporate income tax, which Malden, Missouri corporations are required 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.

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. Therefore, in some states, the corporate tax rate is lower than the individual tax rate.

Whatever a company's legal tax rate is, all corporations in Malden, Missouri must pay the taxes assessed against them. If they don't, they can be made to pay very massive fines - normally much larger than their original tax bill.

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