Corporate Tax Lawyers in Phoenix

A "corporation" in Phoenix, 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 Phoenix, Oregon

Essentially 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 Phoenix, Oregon are required to pay it.

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%.

In Oregon the corporate tax rate probably differs from the individual tax rate as well. In many states, policymakers have determined that the local economy benefits most when it is business-friendly. In those states, the corporate tax rate is normally lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.

In any case, Phoenix, Oregon 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 typically cheaper for corporations to pay their taxes than to not.

How Can a Phoenix, Oregon 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.

But if you are the owner of a small corporation in Phoenix, chances are you don't have a full-service legal department on your payroll. Thus, if you need help with your corporate taxes, it's crucial that you speak with a lawyer in Phoenix, Oregon who practices tax law.