Corporate Tax Lawyers in Longview
In Longview, 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 Longview, Washington
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 Longview, Washington 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%.
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. So, in some states, the corporate tax rate is lower than the individual tax rate.
Whatever their legal tax rate, all corporations in Longview, Washington are obligated to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can occasionally prove financially ruinous.
How Can a Longview, Washington 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.
As most business owners know, however, the majority of small Longview 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 Longview, Washington tax attorney immediately.