Corporate Tax Lawyers in West Point

In West Point, 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 West Point, Mississippi

Practically 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 West Point, Mississippi are required to pay it.

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.

Likewise, chances are good that the corporate tax rate in Mississippi are different from individual income taxes. However, many states feel that their economies would be best served by attracting as many businesses as possible. For that reasons, in a large number of states, the corporate income tax rate is substantially lower than the individual rate.

Whatever their legal tax rate, all corporations in West Point, Mississippi 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 West Point, Mississippi Corporate Tax Lawyer Help?

Many bigger companies have corporate attorneys and accountants on staff who help them adhere with federal and state tax laws.

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