Corporate Tax Lawyers in Nueces County
A "corporation" in Nueces County, 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 a corporation's primary legal commitments is its duty to pay income taxes, as an actual person would.
Corporate Tax Rate in Nueces County, Texas
Every corporation in the United States is obligated to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Nueces County, Texas are obligated 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 various 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 consequently improve their economies) is to have a low corporate tax rate.
In any case, Nueces County, Texas corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to grave penalties, such as very large fines. These fines can be big enough to put some smaller companies out of business. Suffice to say, it's typically cheaper for corporations to pay their taxes than to not.
How Can a Nueces County, 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.
However, if you are the owner of a smaller corporation in Nueces County, you likely can't afford a full-time in-house lawyer. For that reason, you should contact an attorney in Nueces County, Texas who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi