Corporate Tax Lawyers in Ellisville
In Ellisville, Mississippi, 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 Mississippi are treated as individual persons. This means they have most of the identical legal rights and obligations as actual human beings.
As a prime example, corporations have to pay income taxes, just as a person would.
Corporate Tax Rate in Ellisville, Mississippi
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 Ellisville, Mississippi 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 Mississippi 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 Ellisville, Mississippi 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 Ellisville, Mississippi Corporate Tax Lawyer Help?
Many larger corporations have lawyers and accountants who guarantee that they are in complete compliance with both state and federal tax law.
But most smaller Ellisville corporations cannot afford to have these professionals on staff. Thus, 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 trustworthy tax lawyer in Ellisville, Mississippi as soon as you can.