Corporate Tax Lawyers in Eau Claire
In Eau Claire, 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 recognized 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 Eau Claire, Wisconsin
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states further have their own corporate income tax, which corporations located in Eau Claire, 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 many 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. 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 Eau Claire, Wisconsin 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 Eau Claire, 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.
But most smaller Eau Claire 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 concerns about corporate taxation, you should seek the counsel of a competent and dependable tax lawyer in Eau Claire, Wisconsin as soon as you can.