Corporate Tax Lawyers in Polson
In Polson, Montana, 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 Montana are treated as individual persons. This means they have many of the same legal rights and responsibilities as actual human beings.
An evident example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Polson, Montana
All corporations in America have to pay a federal income tax. Many states also have a corporate income tax, which corporations operating in Polson, Montana have to pay.
The federal corporate income tax rate is different from the tax rate that applies to individuals. The highest corporate tax rate at the federal level is 35% of income - applying to companies that make over .3 million per year. Corporations earning under ,000 pay a 15% tax rate. There are various tax brackets in between.
The corporate tax rate in Montana may also differ from the individual tax rate. However, in many states, the corporate tax rate is lower than the individual income tax rate. This is because many states believe that the best way to attract business (and consequently improve their economies) is to have a low corporate tax rate.
In any case, Polson, Montana corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to severe penalties, such as very large fines. These fines can be big enough to put some smaller companies out of business. Suffice to say, it's typically cheaper for corporations to pay their taxes than to not.
How Can a Polson, Montana Corporate Tax Lawyer Help?
Most bigger companies have corporate attorneys and accountants on staff who help them comply with federal and state tax laws.
However, if you are the owner of a smaller corporation in Polson, you probably can't afford a full-time in-house lawyer. For that reason, you should contact an attorney in Polson, Montana who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi