Corporate Tax Lawyers in Oklahoma County

A "corporation" in Oklahoma County, 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 Oklahoma County, Oklahoma

All corporations in America have to pay a federal income tax. Several states also have a corporate income tax, which corporations operating in Oklahoma County, Oklahoma have to pay.

The federal corporate income tax rate is different from the tax rate that applies to individuals. The highest corporate tax rate at the federal level is 35% of income - applying to companies that make over .3 million per year. Corporations earning under ,000 pay a 15% tax rate. There are several tax brackets in between.

Likewise, chances are good that the corporate tax rate in Oklahoma are different from individual income taxes. However, many states feel that their economies would be best served by attracting as many businesses as possible. For that reasons, in a large number of states, the corporate income tax rate is significantly lower than the individual rate.

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

How Can a Oklahoma County, Oklahoma Corporate Tax Lawyer Help?

Many major corporations employ tax lawyers full time, to ensure that they are in compliance with tax laws, and find legal means to reduce their tax liability.

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