Corporate Tax Lawyers in Weirton
In Weirton, 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 Weirton, West Virginia
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states further have their own corporate income tax, which corporations located in Weirton, West Virginia have to remit.
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. Nonetheless, 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 their legal tax rate, all corporations in Weirton, West Virginia are obligated to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can occasionally prove financially ruinous.
How Can a Weirton, West Virginia Corporate Tax Lawyer Help?
Many larger corporations have lawyers and accountants who guarantee that they are in complete compliance with both state and federal tax law.
As most business owners know, however, the majority of small Weirton corporations can't afford to have attorneys on staff full time. Therefore, if you run a small corporation, and are confused about the corporate tax issues that may affect you, it's a very good idea to retain the services of a Weirton, West Virginia tax attorney immediately.