Corporate Tax Lawyers in Lacey

In Lacey, 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.

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

Corporate Tax Rate in Lacey, Washington

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

Under federal laws that govern 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 Washington the corporate tax rate probably differs from the individual tax rate as well. In many states, policymakers have determined 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.

In any case, Lacey, Washington corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to severe penalties, such as very large fines. These fines can be big enough to put some smaller companies out of business. Suffice to say, it's usually cheaper for corporations to pay their taxes than to not.

How Can a Lacey, 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.

As most business owners know, however, the majority of small Lacey corporations can't afford to have attorneys on staff full time. So, if you run a small corporation, and are confused about the corporate tax issues that may affect you, it's a very good idea to retain the services of a Lacey, Washington tax attorney immediately.