Corporate Tax Lawyers in Columbia Falls

In Columbia Falls, Montana, 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 Montana are treated as individual persons. This means they have most of the identical legal rights and obligations as actual human beings.

An obvious example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.

Corporate Tax Rate in Columbia Falls, Montana

All corporations in America have to pay a federal income tax. Various states also have a corporate income tax, which corporations operating in Columbia Falls, Montana have to pay.

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%.

In Montana 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 normally lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.

In Columbia Falls, Montana, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in grave punishment, including huge fines which can put a corporation out of business.

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