Corporate Tax Lawyers in Charleston
In Charleston, West Virginia, 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 West Virginia 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 Charleston, West Virginia
Every corporation in the U.S. which has taxable income must pay its share of the federal corporate income tax. The majority of states further have a corporate income tax, which Charleston, West Virginia corporations are required to pay.
In most states, and at the federal level, corporations are taxed at a different rate than individuals. At the federal level, the corporate income tax maxes out at 35% for corporations that earn more than .3 million per year. Corporations that earn less than ,000 per year are taxed at 15%. There are many tax brackets in between. However, the individual federal income tax rate tops at 33%.
There's also a good chance that the tax rate applicable to corporations in West Virginia 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 Charleston, West Virginia 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 Charleston, West Virginia Corporate Tax Lawyer Help?
The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to ensure that they comply with state and national corporate tax laws.
However, if you are the owner of a smaller corporation in Charleston, you probably can't afford a full-time in-house lawyer. For that reason, you should retain an attorney in Charleston, West Virginia who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi