Corporate Tax Lawyers in Ferndale

In Ferndale, Washington, 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 Washington are treated as individual persons. This means they have most of the identical legal rights and obligations as actual human beings.

As a prime example, corporations have to pay income taxes, just as a person would.

Corporate Tax Rate in Ferndale, Washington

All corporations in America have to pay a federal income tax. Numerous states also have a corporate income tax, which corporations operating in Ferndale, Washington have to pay.

Under the federal tax system, and the tax laws of several states, corporate income is taxed at a different rate from the income of individuals. For instance, the top federal income tax rate for corporations is 35%, compared with 33% for individuals. The highest tax rate applies to corporations making more than .3 million per year. The lowest corporate tax rate is 15%, applying to those corporations that make less than ,000 per year.

The corporate tax rate in Washington 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.

In Ferndale, Washington, 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 Ferndale, Washington 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.

But most smaller Ferndale 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 Ferndale, Washington as soon as you can.