Corporate Tax Lawyers in Vidor

A "corporation" in Vidor, 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 Vidor, 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 Vidor, Texas are required to pay.

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.

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.

Whatever their legal tax rate, all corporations in Vidor, Texas are required to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can sometimes prove financially ruinous.

How Can a Vidor, 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 Vidor, 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 important that you speak with a lawyer in Vidor, Texas who practices tax law.