Corporate Tax Lawyers in Kirtland
In Kirtland, 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 Kirtland, Ohio
All corporations in America have to pay a federal income tax. Many states also have a corporate income tax, which corporations operating in Kirtland, Ohio have 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. 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.
In Kirtland, Ohio, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in severe punishment, including huge fines which can put a corporation out of business.
How Can a Kirtland, 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 Kirtland 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 imperative that you contact a Kirtland, Ohio tax attorney as soon as possible.