Corporate Tax Lawyers in Groesbeck
A "corporation" in Groesbeck, Texas is an organization formed under state law which is regarded a separate "person" from any of the people who run it.
This system is occasionally 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 major legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.
Corporate Tax Rate in Groesbeck, Texas
All corporations in America have to pay a federal income tax. Various states also have a corporate income tax, which corporations operating in Groesbeck, 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 tax rate in Texas for corporations probably also differs from the taxes that individuals must pay. In some states, the government has determined that their interests would be best served by making corporate taxes as low as possible. So in many states, the tax rate for corporations is much lower than the one paid by individuals, unlike the federal corporate tax.
In Groesbeck, 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 Groesbeck, Texas Corporate Tax Lawyer Help?
Many major corporations employ tax lawyers full time, to guarantee that they are in conformity with tax laws, and find legal means to reduce their tax liability.
But most smaller Groesbeck 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 Groesbeck, Texas as soon as you can.