Corporate Tax Lawyers in Manchester

A "corporation" in Manchester, 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 Manchester, Tennessee

Every corporation in the U.S. which has taxable income must pay its share of the federal corporate income tax. The majority of states additionally have a corporate income tax, which Manchester, Tennessee corporations 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.

Likewise, chances are good that the corporate tax rate in Tennessee are different from individual income taxes. However, many states feel that their economies would be best served by attracting as many businesses as possible. For that reasons, in a large number of states, the corporate income tax rate is considerably lower than the individual rate.

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

Of course, smaller companies in Manchester can't afford to have full-time legal and accounting departments on their payroll. Accordingly, if your business is organized as a corporation, and has an issue with its taxes, it's imperative that you contact a Manchester, Tennessee tax attorney as soon as possible.