Corporate Tax Lawyers in Altus

A "corporation" in Altus, Oklahoma 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 Oklahoma 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 Altus, Oklahoma

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 Altus, Oklahoma corporations are required to pay.

Under the federal tax system, and the tax laws of several states, corporate income is taxed at a different rate from the income of individuals. For instance, the top federal income tax rate for corporations is 35%, compared with 33% for individuals. The highest tax rate applies to corporations making more than .3 million per year. The lowest corporate tax rate is 15%, applying to those corporations that make less than ,000 per year.

There's also a good chance that the tax rate applicable to corporations in Oklahoma 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.

Whatever their legal tax rate, all corporations in Altus, Oklahoma are obligated to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can occasionally prove financially ruinous.

How Can a Altus, Oklahoma Corporate Tax Lawyer Help?

Many larger corporations have lawyers and accountants who guarantee that they are in complete compliance with both state and federal tax law.

As most business owners know, however, the majority of small Altus corporations can't afford to have attorneys on staff full time. Therefore, 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 an Altus, Oklahoma tax attorney immediately.