Corporate Tax Lawyers in Seward

In Seward, Nebraska, 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.

This doctrine is known 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 most of the same rights, privileges, and commitments as living, breathing human beings.

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

Corporate Tax Rate in Seward, Nebraska

Every corporation in the United States is obligated to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Seward, Nebraska are obligated 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 several tax brackets in between.

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. So, 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 Seward, Nebraska must pay the taxes assessed against them. If they don't, they can be made to pay very large fines - usually much larger than their original tax bill.

How Can a Seward, Nebraska 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 if you are the owner of a small corporation in Seward, chances are you don't have a full-service legal department on your payroll. So, if you need help with your corporate taxes, it's critical that you speak with a lawyer in Seward, Nebraska who practices tax law.