Corporate Tax Lawyers in Point Pleasant
In Point Pleasant, West Virginia, 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 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 most of the same rights, privileges, and commitments as living, breathing human beings.
As a prime example, corporations have to pay income taxes, just as a person would.
Corporate Tax Rate in Point Pleasant, West Virginia
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 Point Pleasant, West Virginia are obligated to pay.
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 corporate tax rate in West Virginia may also differ from the individual tax rate. However, in many states, the corporate tax rate is lower than the individual income tax rate. This is because many states believe that the ideal way to attract business (and thus improve their economies) is to have a low corporate tax rate.
Corporations in Point Pleasant, West Virginia are obligated to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in grave legal penalties, including fines that may prove ruinous, particularly for smaller businesses.
How Can a Point Pleasant, West Virginia Corporate Tax Lawyer Help?
The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to guarantee that they adhere with state and national corporate tax laws.
But most smaller Point Pleasant corporations cannot afford to have these professionals on staff. Therefore, they simply hire them as needed. If you are a business owner, and you have concerns about corporate taxation, you should seek the counsel of a competent and dependable tax lawyer in Point Pleasant, West Virginia as soon as you can.