Corporate Tax Lawyers in Pearl City

In Pearl City, Hawaii, a "corporation" is defined as a legal entity that's separate from its owners. So, from a legal standpoint, the owner of a corporation and the corporation itself are not the same "person."

This system is sometimes called "corporate personhood" by Hawaii lawyers. It means, in simple terms, that the law treats a corporation just as it would treat a human being - having most of the legal rights and duties that also apply to individuals.

One of a corporation's primary legal obligations is its duty to pay income taxes, as an actual person would.

Corporate Tax Rate in Pearl City, Hawaii

Every corporation in the United States is required to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Pearl City, Hawaii are required to pay.

Under federal laws that govern 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.

There's also a good chance that the tax rate applicable to corporations in Hawaii differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. So, in some states, the corporate tax rate is lower than the individual tax rate.

In any case, Pearl City, Hawaii corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to severe penalties, such as very large fines. These fines can be big enough to put some smaller companies out of business. Suffice to say, it's usually cheaper for corporations to pay their taxes than to not.

How Can a Pearl City, Hawaii 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 Pearl City, you probably can't afford a full-time in-house lawyer. For that reason, you should hire an attorney in Pearl City, Hawaii who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi