Corporate Tax Lawyers in Colleyville

A "corporation" in Colleyville, Texas 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 Texas, 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.

An evident example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.

Corporate Tax Rate in Colleyville, Texas

All corporations in America have to pay a federal income tax. Several states also have a corporate income tax, which corporations operating in Colleyville, Texas have 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 Texas 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 typically lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.

In Colleyville, Texas, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in severe punishment, including huge fines which can put a corporation out of business.

How Can a Colleyville, Texas Corporate Tax Lawyer Help?

Most larger corporations have lawyers and accountants who ensure that they are in full compliance with both state and federal tax law.

But most smaller Colleyville corporations cannot afford to have these professionals on staff. So, they simply hire them as needed. If you are a business owner, and you have questions about corporate taxation, you should seek the counsel of a competent and reputable tax lawyer in Colleyville, Texas as soon as you can.