Corporate Tax Lawyers in Collierville
A "corporation" in Collierville, 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. So, 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 Collierville, 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 Collierville, Tennessee are required 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 several 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. So, 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 Collierville, Tennessee must pay the taxes assessed against them. If they don't, they can be made to pay very large fines - usually much larger than their original tax bill.
How Can a Collierville, Tennessee Corporate Tax Lawyer Help?
Most very large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in compliance with all applicable state and federal income tax laws.
But if you are the owner of a small corporation in Collierville, chances are you don't have a full-service legal department on your payroll. So, if you need help with your corporate taxes, it's crucial that you speak with a lawyer in Collierville, Tennessee who practices tax law.