Corporate Tax Lawyers in North Las Vegas
In North Las Vegas, Nevada, 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 concept is referred to as "corporate personhood" in Nevada, and it essentially means that, for many purposes under the law, corporations are treated the same as individual people, being subject to many of the same rights and responsibilities.
One of a corporation's primary legal commitments is its duty to pay income taxes, as an actual person would.
Corporate Tax Rate in North Las Vegas, Nevada
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states also have their own corporate income tax, which corporations located in North Las Vegas, Nevada have to remit.
Under federal laws that govern 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 Nevada 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.
Corporations in North Las Vegas, Nevada are obligated to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in grave legal penalties, including fines that may prove ruinous, particularly for smaller businesses.
How Can a North Las Vegas, Nevada Corporate Tax Lawyer Help?
Many major corporations employ tax lawyers full time, to guarantee that they are in conformity with tax laws, and find legal means to reduce their tax liability.
Of course, smaller companies in North Las Vegas can't afford to have full-time legal and accounting departments on their payroll. Therefore, if your business is organized as a corporation, and has an issue with its taxes, it's essential that you contact a North Las Vegas, Nevada tax attorney as soon as possible.