Corporate Tax Lawyers in Edcouch

A "corporation" in Edcouch, 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. Thus, corporations have some of the same legal rights and obligations as actual people.

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

Corporate Tax Rate in Edcouch, 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 Edcouch, Texas corporations are required to pay.

At the federal level, and in certain states, corporations are taxed at different rates from individuals. Federally, the top corporate tax rate is 35% - a rate applying to corporations earning more than .3 million per year. Corporations earning less than ,000 a year pay a 15% corporate tax rate, and there are a few tax brackets in between. For comparison, the federal income tax for persons maxes out at 33%.

Likewise, chances are good that the corporate tax rate in Texas 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 Edcouch, 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 Edcouch, Texas Corporate Tax Lawyer Help?

Many bigger companies have corporate attorneys and accountants on staff who help them adhere with federal and state tax laws.

But most smaller Edcouch corporations cannot afford to have these professionals on staff. Thus, 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 trustworthy tax lawyer in Edcouch, Texas as soon as you can.