Corporate Tax Lawyers in Denton County
A "corporation" in Denton County, 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. Thus, corporations have some of the same legal rights and obligations as actual people.
An discernible example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Denton County, Texas
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 Denton County, Texas corporations are required to pay.
In most states, and at the federal level, corporations are taxed at a different rate than individuals. At the federal level, the corporate income tax maxes out at 35% for corporations that earn more than .3 million per year. Corporations that earn less than ,000 per year are taxed at 15%. There are various tax brackets in between. However, the individual federal income tax rate tops at 33%.
There's also a good chance that the tax rate applicable to corporations in Texas 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.
Whatever a company's legal tax rate is, all corporations in Denton County, Texas 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 Denton County, Texas Corporate Tax Lawyer Help?
The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to ensure that they comply with state and national corporate tax laws.
But if you are the owner of a small corporation in Denton County, 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 Denton County, Texas who practices tax law.