Corporate Tax Lawyers in Racine County

In Racine County, Wisconsin, 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.

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 many of the same rights, privileges, and obligations as living, breathing human beings.

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

Corporate Tax Rate in Racine County, Wisconsin

Virtually 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 Racine County, Wisconsin are required to pay it.

Under the federal tax system, and the tax laws of some states, corporate income is taxed at a different rate from the income of individuals. For example, the top federal income tax rate for corporations is 35%, compared with 33% for individuals. The highest tax rate applies to corporations making more than .3 million per year. The lowest corporate tax rate is 15%, applying to those corporations that make less than ,000 per year.

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. So, 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 Racine County, 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 Racine County, Wisconsin 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.

But most smaller Racine County corporations cannot afford to have these professionals on staff. So, they simply hire them as needed. If you are a business owner, and you have questions about corporate taxation, you should seek the counsel of a competent and reputable tax lawyer in Racine County, Wisconsin as soon as you can.