Corporate Tax in New Britain, Connecticut

Find the right Corporate Tax attorney in New Britain, CT

Corporate Tax Lawyers in New Britain

In New Britain, Connecticut, a "corporation" is defined as a legal entity that's separate from its owners. Therefore, from a legal standpoint, the owner of a corporation and the corporation itself are not the same "person."

This rule is called "corporate personhood." Basically, under the law of Connecticut, corporations are, in many ways, the same as individual human beings. Therefore, corporations have some of the same legal rights and obligations as actual people.

An discernible example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.

Corporate Tax Rate in New Britain, Connecticut

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 New Britain, Connecticut corporations are required to pay.

Under the federal tax system, and the tax laws of some states, corporate income is taxed at a different rate from the income of individuals. For example, the top federal income tax rate for corporations is 35%, compared with 33% for individuals. The highest tax rate applies to corporations making more than .3 million per year. The lowest corporate tax rate is 15%, applying to those corporations that make less than ,000 per year.

The corporate tax rate in Connecticut 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 best way to attract business (and thus improve their economies) is to have a low corporate tax rate.

In New Britain, Connecticut, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in severe punishment, including huge fines which can put a corporation out of business.

How Can a New Britain, Connecticut Corporate Tax Lawyer Help?

Most very large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in compliance with all applicable state and federal income tax laws.

However, if you are the owner of a smaller corporation in New Britain, you probably can't afford a full-time in-house lawyer. For that reason, you should retain an attorney in New Britain, Connecticut who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi

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Life in New Britain

Beautiful New Britain, Connecticut is home to almost 72,000 residents. The city was first settled in 1687. Conveniently located just 9 miles from Hartford, the town has an identity all its own. New Britain has a storied history as a major manufacturing center and is aptly nicknamed, "Hardware city." The city serves as the headquarters for Stanley Works since 1843. New Britain is also home to a very large Polish population and their presence is seen in the many Polish restaurants, cultural events, and activities. In fact, New Britain is home to the largest Polish community in all of Connecticut. Not surprisingly, there are also many Polish museums dedicated to their role in the growing community. Comprising 13.4 square miles, New Britain has lots to offer its residents and visitors. Home of the New Britain Rock Cats, a minor league baseball team ensures that there is always something to do in the summertime. The city is also home to lots of schools, including a couple colleges that make for a great school atmosphere. New Britain also has top lawyers to help its citizens in a range of legal issues including: contract law, divorce and family law issues, employment law, and many others. The professional community in New Britain is second to none.

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