Corporate Tax Lawyers in Fruit Heights

A "corporation" in Fruit Heights, 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 Fruit Heights, Utah

All corporations in America have to pay a federal income tax. Various states also have a corporate income tax, which corporations operating in Fruit Heights, Utah have 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.

In Utah the corporate tax rate likely differs from the individual tax rate as well. In many states, policymakers have decided that the local economy benefits most when it is business-friendly. In those states, the corporate tax rate is usually lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.

In Fruit Heights, Utah, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in grave punishment, including huge fines which can put a corporation out of business.

How Can a Fruit Heights, Utah Corporate Tax Lawyer Help?

The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to guarantee that they adhere with state and national corporate tax laws.

However, if you are the owner of a smaller corporation in Fruit Heights, you likely can't afford a full-time in-house lawyer. For that reason, you should retain an attorney in Fruit Heights, Utah who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi