Corporate Tax Lawyers in Dallas County

A "corporation" in Dallas County, Texas 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 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 apparent example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.

Corporate Tax Rate in Dallas County, Texas

All corporations in America have to pay a federal income tax. Numerous states also have a corporate income tax, which corporations operating in Dallas County, Texas have 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.

The corporate tax rate in Texas may also differ from the individual tax rate. However, in many states, the corporate tax rate is lower than the individual income tax rate. This is because many states believe that the ideal way to attract business (and therefore improve their economies) is to have a low corporate tax rate.

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

How Can a Dallas County, Texas Corporate Tax Lawyer Help?

Many larger corporations have lawyers and accountants who guarantee that they are in complete compliance with both state and federal tax law.

But most smaller Dallas County 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 concerns about corporate taxation, you should seek the counsel of a competent and reputable tax lawyer in Dallas County, Texas as soon as you can.