Corporate Tax Lawyers in Springboro
A "corporation" in Springboro, Ohio is an organization established under state law which is considered a separate "person" from any of the people who run it.
Corporations are subject to the rule of "corporate personhood." Simply put, this means that corporations, under the law in Ohio are treated as individual persons. This means they have many of the same legal rights and responsibilities as actual human beings.
One of a corporation's primary legal obligations is its duty to pay income taxes, as an actual person would.
Corporate Tax Rate in Springboro, Ohio
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Most states also have their own corporate income tax, which corporations located in Springboro, Ohio have to remit.
The federal corporate income tax rate is different from the tax rate that applies to individuals. The highest corporate tax rate at the federal level is 35% of income - applying to companies that make over .3 million per year. Corporations earning under ,000 pay a 15% tax rate. There are several tax brackets in between.
Likewise, chances are good that the corporate tax rate in Ohio are different from individual income taxes. However, many states feel that their economies would be best served by attracting as many businesses as possible. For that reasons, in a large number of states, the corporate income tax rate is significantly lower than the individual rate.
Whatever a company's legal tax rate is, all corporations in Springboro, Ohio must pay the taxes assessed against them. If they don't, they can be made to pay very large fines - usually much larger than their original tax bill.
How Can a Springboro, Ohio Corporate Tax Lawyer Help?
Most very large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in compliance with all applicable state and federal income tax laws.
But if you are the owner of a small corporation in Springboro, chances are you don't have a full-service legal department on your payroll. So, if you need help with your corporate taxes, it's important that you speak with a lawyer in Springboro, Ohio who practices tax law.