Corporate Tax Lawyers in Deer Park

In Deer Park, 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 Deer Park, 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 also have a corporate income tax, which Deer Park, Ohio corporations are required to pay.

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 Ohio 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.

In any case, Deer Park, Ohio corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to grave penalties, such as very large fines. These fines can be big enough to put some smaller companies out of business. Suffice to say, it's usually cheaper for corporations to pay their taxes than to not.

How Can a Deer Park, Ohio 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.

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