Corporate Tax Lawyers in Oshkosh
In Oshkosh, 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 known 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 Oshkosh, Wisconsin
Basically every for-profit corporation in the U.S. is required to pay taxes on its income each year. Most states also have their own corporate income tax. All corporations in Oshkosh, Wisconsin are required to pay it.
At the federal level, and in certain states, corporations are taxed at different rates from individuals. Federally, the top corporate tax rate is 35% - a rate applying to corporations earning more than .3 million per year. Corporations earning less than ,000 a year pay a 15% corporate tax rate, and there are a few tax brackets in between. For comparison, the federal income tax for persons maxes out at 33%.
The tax rate in Wisconsin for corporations probably also differs from the taxes that individuals must pay. In some states, the government has determined that their interests would be best served by making corporate taxes as low as possible. So in many states, the tax rate for corporations is much lower than the one paid by individuals, unlike the federal corporate tax.
Whatever a company's legal tax rate is, all corporations in Oshkosh, Wisconsin must pay the taxes assessed against them. If they don't, they can be made to pay very large fines - usually much larger than their original tax bill.
How Can a Oshkosh, Wisconsin Corporate Tax Lawyer Help?
Most extremely large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in conformity with every applicable state and federal income tax laws.
However, if you are the owner of a smaller corporation in Oshkosh, you likely can't afford a full-time in-house lawyer. For that reason, you should hire an attorney in Oshkosh, Wisconsin who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi