Corporate Tax Lawyers in Independence

A "corporation" in Independence, Oregon 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 Oregon 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 Independence, Oregon

Basically every for-profit corporation in the U.S. is required to pay taxes on its income each year. Most states also have their own corporate income tax. All corporations in Independence, Oregon are required to pay it.

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. Nonetheless, the individual federal income tax rate tops at 33%.

The tax rate in Oregon for corporations probably also differs from the taxes that individuals must pay. In some states, the government has determined 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.

Whatever their legal tax rate, all corporations in Independence, Oregon are obligated to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can occasionally prove financially ruinous.

How Can a Independence, Oregon Corporate Tax Lawyer Help?

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

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