Corporate Tax Lawyers in Brecksville

In Brecksville, Ohio, 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 system is occasionally 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 commitments is its duty to pay income taxes, as an actual person would.

Corporate Tax Rate in Brecksville, 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 additionally have a corporate income tax, which Brecksville, 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 various tax brackets in between. Nonetheless, 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 determined 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 a company's legal tax rate is, all corporations in Brecksville, Ohio must pay the taxes assessed against them. If they don't, they can be made to pay very considerable fines - typically much larger than their original tax bill.

How Can a Brecksville, Ohio Corporate Tax Lawyer Help?

Many bigger companies have corporate attorneys and accountants on staff who help them adhere with federal and state tax laws.

However, if you are the owner of a smaller corporation in Brecksville, you likely can't afford a full-time in-house lawyer. For that reason, you should contact an attorney in Brecksville, Ohio who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi