Corporate Tax Lawyers in East Troy

In East Troy, Wisconsin, 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.

This doctrine is identified as "corporate personhood." While the concept is somewhat abstract, the law of Wisconsin treats corporations as individual persons, for most purposes. This means that, legally, corporations have most of the same rights, privileges, and commitments as living, breathing human beings.

One of the major legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.

Corporate Tax Rate in East Troy, Wisconsin

Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states additionally have their own corporate income tax, which corporations located in East Troy, Wisconsin have to remit.

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 various tax brackets in between.

There's also a good chance that the tax rate applicable to corporations in Wisconsin differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. Thus, 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 East Troy, Wisconsin must pay the taxes assessed against them. If they don't, they can be made to pay very considerable fines - typically much larger than their original tax bill.

How Can a East Troy, Wisconsin 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.

However, if you are the owner of a smaller corporation in East Troy, you likely can't afford a full-time in-house lawyer. For that reason, you should contact an attorney in East Troy, Wisconsin who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi