Corporate Tax Lawyers in Piedmont
A "corporation" in Piedmont, 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 Piedmont, Oklahoma
All corporations in America have to pay a federal income tax. Many states also have a corporate income tax, which corporations operating in Piedmont, 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.
The tax rate in Oklahoma for corporations probably also differs from the taxes that individuals must pay. In some states, the government has decided that their interests would be best served by making corporate taxes as low as possible. So in many states, the tax rate for corporations is much lower than the one paid by individuals, unlike the federal corporate tax.
In Piedmont, 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 Piedmont, 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 Piedmont, you probably can't afford a full-time in-house lawyer. For that reason, you should hire an attorney in Piedmont, Oklahoma who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi