Corporate Tax Lawyers in American Fork

A "corporation" in American Fork, Utah 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 Utah 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 commitments is the duty to pay income tax in much the same way as an individual person.

Corporate Tax Rate in American Fork, Utah

All corporations in America have to pay a federal income tax. Various states also have a corporate income tax, which corporations operating in American Fork, Utah 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 corporate tax rate in Utah 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 therefore improve their economies) is to have a low corporate tax rate.

Corporations in American Fork, Utah are obligated to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in grave legal penalties, including fines that may prove ruinous, particularly for smaller businesses.

How Can a American Fork, Utah Corporate Tax Lawyer Help?

Many bigger companies have corporate attorneys and accountants on staff who help them adhere with federal and state tax laws.

But most smaller American Fork 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 American Fork, Utah as soon as you can.