Corporate Tax Lawyers in Mustang

A "corporation" in Mustang, 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 these commitments is the duty to pay income tax in much the same way as an individual person.

Corporate Tax Rate in Mustang, Oklahoma

All corporations in America have to pay a federal income tax. Various states also have a corporate income tax, which corporations operating in Mustang, Oklahoma have 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 several tax brackets in between. Nonetheless, the individual federal income tax rate tops at 33%.

The corporate tax rate in Oklahoma 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 ideal way to attract business (and therefore improve their economies) is to have a low corporate tax rate.

In Mustang, Oklahoma, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in grave punishment, including huge fines which can put a corporation out of business.

How Can a Mustang, Oklahoma Corporate Tax Lawyer Help?

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

But most smaller Mustang corporations cannot afford to have these professionals on staff. So, they simply hire them as needed. If you are a business owner, and you have concerns about corporate taxation, you should seek the counsel of a competent and reputable tax lawyer in Mustang, Oklahoma as soon as you can.