Corporate Tax Lawyers in Aberdeen
In Aberdeen, Washington, a "corporation" is a legal entity established 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 Washington are treated as individual persons. This means they have many of the same legal rights and responsibilities as actual human beings.
One of these obligations is the duty to pay income tax in much the same way as an individual person.
Corporate Tax Rate in Aberdeen, Washington
Essentially every for-profit corporation in the U.S. is required to pay taxes on its income each year. Most states also have their own corporate income tax. All corporations in Aberdeen, Washington are required to pay it.
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 many tax brackets in between.
There's also a good chance that the tax rate applicable to corporations in Washington differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. Therefore, in some states, the corporate tax rate is lower than the individual tax rate.
Whatever a company's legal tax rate is, all corporations in Aberdeen, Washington must pay the taxes assessed against them. If they don't, they can be made to pay very massive fines - normally much larger than their original tax bill.
How Can a Aberdeen, Washington 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 most smaller Aberdeen corporations cannot afford to have these professionals on staff. Therefore, they simply hire them as needed. If you are a business owner, and you have questions about corporate taxation, you should seek the counsel of a competent and dependable tax lawyer in Aberdeen, Washington as soon as you can.