Corporate Tax Lawyers in Ashland
A "corporation" in Ashland, Oregon 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 Oregon 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 Ashland, Oregon
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 Ashland, Oregon corporations are required to pay.
At the federal level, and in some states, corporations are taxed at different rates from individuals. Federally, the top corporate tax rate is 35% - a rate applying to corporations earning more than .3 million per year. Corporations earning less than ,000 a year pay a 15% corporate tax rate, and there are a few tax brackets in between. For comparison, the federal income tax for individuals maxes out at 33%.
Likewise, chances are good that the corporate tax rate in Oregon 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 substantially lower than the individual rate.
Whatever a company's legal tax rate is, all corporations in Ashland, Oregon 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 Ashland, Oregon Corporate Tax Lawyer Help?
The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to ensure that they comply with state and national corporate tax laws.
But most smaller Ashland corporations cannot afford to have these professionals on staff. Therefore, they simply hire them as needed. If you are a business owner, and you have questions about corporate taxation, you should seek the counsel of a competent and dependable tax lawyer in Ashland, Oregon as soon as you can.