Corporate Tax Lawyers in Athens

A "corporation" in Athens, Tennessee is an organization formed under state law which is regarded a separate "person" from any of the people who run it.

This rule is called "corporate personhood." Essentially, under the law of Tennessee, corporations are, in many ways, the same as individual human beings. Thus, corporations have some of the same legal rights and obligations as actual people.

One of the major legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.

Corporate Tax Rate in Athens, Tennessee

Practically 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 Athens, Tennessee are required to pay it.

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 various tax brackets in between.

The tax rate in Tennessee 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 a company's legal tax rate is, all corporations in Athens, Tennessee must pay the taxes assessed against them. If they don't, they can be made to pay very considerable fines - typically much larger than their original tax bill.

How Can a Athens, Tennessee Corporate Tax Lawyer Help?

Most extremely large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in conformity with every applicable state and federal income tax laws.

But if you are the owner of a small corporation in Athens, 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 critical that you speak with a lawyer in Athens, Tennessee who practices tax law.