Corporate Tax Lawyers in Whitefish Bay
In Whitefish Bay, 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 these commitments is the duty to pay income tax in much the same way as an individual person.
Corporate Tax Rate in Whitefish Bay, Wisconsin
Every corporation in the United States is obligated to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Whitefish Bay, Wisconsin are obligated 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 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.
In any case, Whitefish Bay, Wisconsin corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to grave penalties, such as very large fines. These fines can be big enough to put some smaller companies out of business. Suffice to say, it's typically cheaper for corporations to pay their taxes than to not.
How Can a Whitefish Bay, 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 Whitefish Bay, you likely can't afford a full-time in-house lawyer. For that reason, you should contact an attorney in Whitefish Bay, Wisconsin who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi