Corporate Tax Lawyers in Grafton
In Grafton, 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.
As a prime example, corporations have to pay income taxes, just as a person would.
Corporate Tax Rate in Grafton, Ohio
Every corporation in the United States is required to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Grafton, Ohio are required to pay.
Under the federal tax system, and the tax laws of some states, corporate income is taxed at a different rate from the income of individuals. For example, the top federal income tax rate for corporations is 35%, compared with 33% for individuals. The highest tax rate applies to corporations making more than .3 million per year. The lowest corporate tax rate is 15%, applying to those corporations that make less than ,000 per year.
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. Therefore, in some states, the corporate tax rate is lower than the individual tax rate.
Whatever their legal tax rate, all corporations in Grafton, 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 Grafton, Ohio Corporate Tax Lawyer Help?
Most larger corporations have lawyers and accountants who ensure that they are in full compliance with both state and federal tax law.
As most business owners know, however, the majority of small Grafton corporations can't afford to have attorneys on staff full time. Therefore, if you run a small corporation, and are confused about the corporate tax issues that may affect you, it's a very good idea to retain the services of a Grafton, Ohio tax attorney immediately.