Corporate Tax Lawyers in Ardmore

A "corporation" in Ardmore, Oklahoma 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 Oklahoma 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 Ardmore, 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 Ardmore, Oklahoma corporations are required to pay.

Under the federal tax system, and the tax laws of some states, corporate income is taxed at a different rate from the income of individuals. For example, 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 a company's legal tax rate is, all corporations in Ardmore, Oklahoma must pay the taxes assessed against them. If they don't, they can be made to pay very massive fines - normally much larger than their original tax bill.

How Can a Ardmore, Oklahoma 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.

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