Corporate Tax Lawyers in Sheridan

In Sheridan, Wyoming, 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 Wyoming 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 Sheridan, Wyoming

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 Sheridan, Wyoming have to remit.

Under federal laws that regulate corporate income taxes, corporations pay a different income tax rate from individual people. Corporations pay a maximum federal income tax rate of 35%, and a minimum rate of 15%, depending on their income. The high tax rate applies to corporations that make .3 million per year, and the low rate applies to any company bringing in less than ,000.

In Wyoming the corporate tax rate probably differs from the individual tax rate as well. In many states, policymakers have determined that the local economy benefits most when it is business-friendly. In those states, the corporate tax rate is normally lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.

Corporations in Sheridan, Wyoming are required to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in severe legal penalties, including fines that may prove ruinous, especially for smaller businesses.

How Can a Sheridan, Wyoming Corporate Tax Lawyer Help?

Many major corporations employ tax lawyers full time, to ensure that they are in compliance with tax laws, and find legal means to reduce their tax liability.

Of course, smaller companies in Sheridan can't afford to have full-time legal and accounting departments on their payroll. Accordingly, if your business is organized as a corporation, and has an issue with its taxes, it's imperative that you contact a Sheridan, Wyoming tax attorney as soon as possible.