Corporate Tax in Lynn, Massachusetts

Find the right Corporate Tax attorney in Lynn, MA

Corporate Tax Lawyers in Lynn

In Lynn, Massachusetts, a "corporation" is an entity that is, under the law, distinct from any of its owners. Essentially, this means that the people who own a corporation, and the corporation itself, are distinct "persons."

This concept is referred to as "corporate personhood" in Massachusetts, and it essentially means that, for many purposes under the law, corporations are treated the same as individual people, being subject to many of the same rights and responsibilities.

One of the major legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.

Corporate Tax Rate in Lynn, Massachusetts

Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states also have their own corporate income tax, which corporations located in Lynn, Massachusetts have to remit.

The federal corporate income tax rate is different from the tax rate that applies to individuals. The highest corporate tax rate at the federal level is 35% of income - applying to companies that make over .3 million per year. Corporations earning under ,000 pay a 15% tax rate. There are several tax brackets in between.

Likewise, chances are good that the corporate tax rate in Massachusetts are different from individual income taxes. However, many states feel that their economies would be best served by attracting as many businesses as possible. For that reasons, in a large number of states, the corporate income tax rate is significantly lower than the individual rate.

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

How Can a Lynn, Massachusetts Corporate Tax Lawyer Help?

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

As most business owners know, however, the majority of small Lynn corporations can't afford to have attorneys on staff full time. So, 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 Lynn, Massachusetts tax attorney immediately.

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Life in Lynn

Lynn, Massachusetts is a medium-sized city of about 88,000 people, located in Essex County. Lynn is a significant urban center in its own right, but it is also very close to Boston, allowing residents of the respective cities to commute between them easily.

Lynn was founded in the 1600s, and quickly became a major regional center for leather tanning and shoemaking. Growing from this early industry, Lynn became a major center for manufacturing during the industrial revolution, and this continued well into the 20th Century. However, as with many American cities built on industry, much of the industry that built Lynn has moved elsewhere.

Lynn, Massachusetts is currently working very hard to redevelop itself, and create a new economic base to replace heavy industry.

Lynn is home to Lynn Woods, the largest municipal park in New England, and a popular destination for visitors. It is also home to Lynn Beach, which is an attraction for nearby residents.

If you live in Lynn, Massachusetts and need a lawyer, chances are good you'll be able to find one, thanks to Lynn's size and proximity to a major city, the legal community in Lynn is quite robust. Lynn, Massachusetts lawyers can help you with whatever legal problem you might have.

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