Corporate Tax Lawyers in Westover

In Westover, 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 identified 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.

As a prime example, corporations have to pay income taxes, just as a person would.

Corporate Tax Rate in Westover, West Virginia

Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Most states additionally have their own corporate income tax, which corporations located in Westover, 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 various 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. Thus, 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 Westover, West Virginia must pay the taxes assessed against them. If they don't, they can be made to pay very considerable fines - typically much larger than their original tax bill.

How Can a Westover, West Virginia Corporate Tax Lawyer Help?

Most larger corporations have lawyers and accountants who ensure that they are in full compliance with both state and federal tax law.

But most smaller Westover corporations cannot afford to have these professionals on staff. Thus, they simply hire them as needed. If you are a business owner, and you have questions about corporate taxation, you should seek the counsel of a competent and trustworthy tax lawyer in Westover, West Virginia as soon as you can.