Corporate Tax Lawyers in Nichols Hills

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

Corporate Tax Rate in Nichols Hills, Oklahoma

All corporations in America have to pay a federal income tax. Many states also have a corporate income tax, which corporations operating in Nichols Hills, 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 many tax brackets in between. However, 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 best way to attract business (and thus improve their economies) is to have a low corporate tax rate.

In any case, Nichols Hills, Oklahoma corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to severe penalties, such as very large fines. These fines can be big enough to put some smaller companies out of business. Suffice to say, it's normally cheaper for corporations to pay their taxes than to not.

How Can a Nichols Hills, Oklahoma Corporate Tax Lawyer Help?

Most bigger companies have corporate attorneys and accountants on staff who help them comply with federal and state tax laws.

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