Corporate Tax Lawyers in Rio Bravo
A "corporation" in Rio Bravo, 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 a corporation's primary legal obligations is its duty to pay income taxes, as an actual person would.
Corporate Tax Rate in Rio Bravo, Texas
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Most states further have their own corporate income tax, which corporations located in Rio Bravo, Texas have to remit.
Under federal laws that control corporate income taxes, corporations pay a different income tax rate from individual people. Corporations pay a maximum federal income tax rate of 35%, and a minimum rate of 15%, depending on their income. The high tax rate applies to corporations that make .3 million per year, and the low rate applies to any company bringing in less than ,000.
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. Therefore, in some states, the corporate tax rate is lower than the individual tax rate.
In any case, Rio Bravo, Texas corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to severe 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 normally cheaper for corporations to pay their taxes than to not.
How Can a Rio Bravo, Texas Corporate Tax Lawyer Help?
Most larger corporations have lawyers and accountants who ensure that they are in full compliance with both state and federal tax law.
But if you are the owner of a small corporation in Rio Bravo, chances are you don't have a full-service legal department on your payroll. Therefore, if you need help with your corporate taxes, it's crucial that you speak with a lawyer in Rio Bravo, Texas who practices tax law.