Corporate Tax Lawyers in Wapakoneta

A "corporation" in Wapakoneta, 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 Wapakoneta, 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 Wapakoneta, Ohio have to remit.

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.

Whatever their legal tax rate, all corporations in Wapakoneta, 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 Wapakoneta, Ohio Corporate Tax Lawyer Help?

The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to ensure that they comply with state and national corporate tax laws.

As most business owners know, however, the majority of small Wapakoneta corporations can't afford to have attorneys on staff full time. So, 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 Wapakoneta, Ohio tax attorney immediately.