Corporate Tax Lawyers in Weston

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

One of these obligations is the duty to pay income tax in much the same way as an individual person.

Corporate Tax Rate in Weston, Wisconsin

Every corporation in the United States is required to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Weston, Wisconsin are required to pay.

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.

Corporations in Weston, Wisconsin are required to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in severe legal penalties, including fines that may prove ruinous, especially for smaller businesses.

How Can a Weston, Wisconsin Corporate Tax Lawyer Help?

Many major corporations employ tax lawyers full time, to ensure that they are in compliance with tax laws, and find legal means to reduce their tax liability.

Of course, smaller companies in Weston can't afford to have full-time legal and accounting departments on their payroll. Accordingly, if your business is organized as a corporation, and has an issue with its taxes, it's necessary that you contact a Weston, Wisconsin tax attorney as soon as possible.