Corporate Tax Lawyers in Collegedale

A "corporation" in Collegedale, 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 a corporation's primary legal commitments is its duty to pay income taxes, as an actual person would.

Corporate Tax Rate in Collegedale, Tennessee

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

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.

There's also a good chance that the tax rate applicable to corporations in Tennessee differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. Thus, in some states, the corporate tax rate is lower than the individual tax rate.

Whatever a company's legal tax rate is, all corporations in Collegedale, 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 Collegedale, 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.

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