Corporate Tax Lawyers in Fort Stockton
A "corporation" in Fort Stockton, Texas is an organization established under state law which is considered a separate "person" from any of the people who run it.
This system is sometimes called "corporate personhood" by Texas lawyers. It means, in simple terms, that the law treats a corporation just as it would treat a human being - having most of the legal rights and duties that also apply to individuals.
One of the main legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.
Corporate Tax Rate in Fort Stockton, Texas
All corporations in America have to pay a federal income tax. Several states also have a corporate income tax, which corporations operating in Fort Stockton, 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.
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 Fort Stockton, 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 Fort Stockton, Texas Corporate Tax Lawyer Help?
Most bigger companies have corporate attorneys and accountants on staff who help them comply with federal and state tax laws.
However, if you are the owner of a smaller corporation in Fort Stockton, you probably can't afford a full-time in-house lawyer. For that reason, you should contact an attorney in Fort Stockton, Texas who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi