Corporate Tax Lawyers in Park Hills

In Park Hills, Missouri, a "corporation" is a legal entity that is completely 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 many of the same legal rights and responsibilities as actual human beings.

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

Corporate Tax Rate in Park Hills, Missouri

Essentially every for-profit corporation in the U.S. is required to pay taxes on its income each year. Most states also have their own corporate income tax. All corporations in Park Hills, Missouri are required to pay it.

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

How Can a Park Hills, Missouri Corporate Tax Lawyer Help?

Most very large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in compliance with all applicable state and federal income tax laws.

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