Corporate Tax Lawyers in Brentwood

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

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

One of a corporation's primary legal obligations is its duty to pay income taxes, as an actual person would.

Corporate Tax Rate in Brentwood, Tennessee

Every corporation in the United States is required to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Brentwood, Tennessee are required to pay.

Under the federal tax system, and the tax laws of some states, corporate income is taxed at a different rate from the income of individuals. For example, the top federal income tax rate for corporations is 35%, compared with 33% for individuals. The highest tax rate applies to corporations making more than .3 million per year. The lowest corporate tax rate is 15%, applying to those corporations that make less than ,000 per year.

In Tennessee 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 usually lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.

Whatever a company's legal tax rate is, all corporations in Brentwood, Tennessee 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 Brentwood, Tennessee Corporate Tax Lawyer Help?

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

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