Corporate Tax Lawyers in Steubenville
A "corporation" in Steubenville, Ohio is an organization formed under state law which is regarded 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 most of the identical legal rights and obligations as actual human beings.
One of a corporation's primary legal commitments is its duty to pay income taxes, as an actual person would.
Corporate Tax Rate in Steubenville, Ohio
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states further have their own corporate income tax, which corporations located in Steubenville, 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 many tax brackets in between.
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.
In any case, Steubenville, 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 normally cheaper for corporations to pay their taxes than to not.
How Can a Steubenville, 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 Steubenville, you likely can't afford a full-time in-house lawyer. For that reason, you should retain an attorney in Steubenville, Ohio who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi