Corporate Tax Lawyers in Wooster

A "corporation" in Wooster, 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 Wooster, Ohio

Every corporation in the U.S. which has taxable income must pay its share of the federal corporate income tax. The majority of states further have a corporate income tax, which Wooster, Ohio corporations are required 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 many tax brackets in between. However, the individual federal income tax rate tops at 33%.

The corporate tax rate in Ohio may also differ from the individual tax rate. However, in many states, the corporate tax rate is lower than the individual income tax rate. This is because many states believe that the best way to attract business (and thus improve their economies) is to have a low corporate tax rate.

Whatever their legal tax rate, all corporations in Wooster, 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 Wooster, 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.

However, if you are the owner of a smaller corporation in Wooster, you probably can't afford a full-time in-house lawyer. For that reason, you should retain an attorney in Wooster, Ohio who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi