Corporate Tax Lawyers in Vernon

A "corporation" in Vernon, 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 these obligations is the duty to pay income tax in much the same way as an individual person.

Corporate Tax Rate in Vernon, Texas

Every corporation in the United States is required to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Vernon, Texas are required to pay.

Under federal laws that govern 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.

The tax rate in Texas for corporations probably also differs from the taxes that individuals must pay. In some states, the government has decided 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 Vernon, Texas, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in severe punishment, including huge fines which can put a corporation out of business.

How Can a Vernon, Texas Corporate Tax Lawyer Help?

Many major corporations employ tax lawyers full time, to ensure that they are in compliance with tax laws, and find legal means to reduce their tax liability.

Of course, smaller companies in Vernon can't afford to have full-time legal and accounting departments on their payroll. Accordingly, if your business is organized as a corporation, and has an issue with its taxes, it's essential that you contact a Vernon, Texas tax attorney as soon as possible.