Corporate Tax Lawyers in Bowling Green

In Bowling Green, Ohio, 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 system is sometimes called "corporate personhood" by Ohio lawyers. It means, in simple terms, that the law treats a corporation just as it would treat a human being - having most of the legal rights and duties that also apply to individuals.

One of a corporation's primary legal obligations is its duty to pay income taxes, as an actual person would.

Corporate Tax Rate in Bowling Green, Ohio

Every corporation in the U.S. which has taxable income must pay its share of the federal corporate income tax. The majority of states further have a corporate income tax, which Bowling Green, Ohio corporations are required 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 many tax brackets in between. However, the individual federal income tax rate tops at 33%.

The tax rate in Ohio for corporations probably also differs from the taxes that individuals must pay. In some states, the government has decided that their interests would be best served by making corporate taxes as low as possible. So in many states, the tax rate for corporations is much lower than the one paid by individuals, unlike the federal corporate tax.

Whatever their legal tax rate, all corporations in Bowling Green, Ohio are required to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can sometimes prove financially ruinous.

How Can a Bowling Green, Ohio Corporate Tax Lawyer Help?

Many major corporations employ tax lawyers full time, to ensure that they are in compliance with tax laws, and find legal means to reduce their tax liability.

Of course, smaller companies in Bowling Green can't afford to have full-time legal and accounting departments on their payroll. Accordingly, if your business is organized as a corporation, and has an issue with its taxes, it's necessary that you contact a Bowling Green, Ohio tax attorney as soon as possible.