Corporate Tax Lawyers in Dunlap
A "corporation" in Dunlap, 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. Thus, 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 Dunlap, 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 Dunlap, Tennessee are required to pay.
Under federal laws that regulate corporate income taxes, corporations pay a different income tax rate from individual people. Corporations pay a maximum federal income tax rate of 35%, and a minimum rate of 15%, depending on their income. The high tax rate applies to corporations that make .3 million per year, and the low rate applies to any company bringing in less than ,000.
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.
Corporations in Dunlap, Tennessee are required to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in severe legal penalties, including fines that may prove ruinous, especially for smaller businesses.
How Can a Dunlap, 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 Dunlap, 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 important that you speak with a lawyer in Dunlap, Tennessee who practices tax law.