Corporate Tax Lawyers in Beatrice

In Beatrice, Nebraska, 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.

This doctrine is identified as "corporate personhood." While the concept is somewhat abstract, the law of Nebraska treats corporations as individual persons, for most purposes. This means that, legally, corporations have many of the same rights, privileges, and obligations as living, breathing human beings.

As a prime example, corporations have to pay income taxes, just as a person would.

Corporate Tax Rate in Beatrice, Nebraska

Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Most states additionally have their own corporate income tax, which corporations located in Beatrice, Nebraska have to remit.

Under federal laws that regulate corporate income taxes, corporations pay a different income tax rate from individual people. Corporations pay a maximum federal income tax rate of 35%, and a minimum rate of 15%, depending on their income. The high tax rate applies to corporations that make .3 million per year, and the low rate applies to any company bringing in less than ,000.

There's also a good chance that the tax rate applicable to corporations in Nebraska 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.

Corporations in Beatrice, Nebraska are required to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in severe legal penalties, including fines that may prove ruinous, especially for smaller businesses.

How Can a Beatrice, Nebraska 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.

As most business owners know, however, the majority of small Beatrice corporations can't afford to have attorneys on staff full time. Thus, if you run a small corporation, and are confused about the corporate tax issues that may affect you, it's a very good idea to retain the services of a Beatrice, Nebraska tax attorney immediately.