Corporate Tax Lawyers in Annandale
In Annandale, Virginia, a "corporation" is a legal entity formed under the law, which is treated (for some purposes) as a "person" with a legal identity distinct from that of its owner.
Corporations are subject to the rule of "corporate personhood." Simply put, this means that corporations, under the law in Virginia are treated as individual persons. This means they have most of the identical legal rights and obligations as actual human beings.
One of a corporation's primary legal commitments is its duty to pay income taxes, as an actual person would.
Corporate Tax Rate in Annandale, Virginia
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states also have their own corporate income tax, which corporations located in Annandale, Virginia have to remit.
In most states, and at the federal level, corporations are taxed at a different rate than individuals. At the federal level, the corporate income tax maxes out at 35% for corporations that earn more than .3 million per year. Corporations that earn less than ,000 per year are taxed at 15%. There are several tax brackets in between. Nonetheless, the individual federal income tax rate tops at 33%.
In Virginia 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 typically lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.
Whatever a company's legal tax rate is, all corporations in Annandale, Virginia must pay the taxes assessed against them. If they don't, they can be made to pay very large fines - usually much larger than their original tax bill.
How Can a Annandale, Virginia Corporate Tax Lawyer Help?
Many larger corporations have lawyers and accountants who guarantee that they are in complete compliance with both state and federal tax law.
Of course, smaller companies in Annandale can't afford to have full-time legal and accounting departments on their payroll. Therefore, if your business is organized as a corporation, and has an issue with its taxes, it's essential that you contact an Annandale, Virginia tax attorney as soon as possible.