Corporate Tax Lawyers in Granite Falls

In Granite Falls, North Carolina, a "corporation" is a legal entity that is totally distinct from any person - even its owner. So, this means that a corporation is a distinct "person" from its owners and directors.

This doctrine is known as "corporate personhood." While the concept is somewhat abstract, the law of North Carolina treats corporations as individual persons, for most purposes. This means that, legally, corporations have most of the same rights, privileges, and commitments as living, breathing human beings.

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 Granite Falls, North Carolina

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 Granite Falls, North Carolina have to remit.

At the federal level, and in certain states, corporations are taxed at different rates from individuals. Federally, the top corporate tax rate is 35% - a rate applying to corporations earning more than .3 million per year. Corporations earning less than ,000 a year pay a 15% corporate tax rate, and there are a few tax brackets in between. For comparison, the federal income tax for persons maxes out at 33%.

Likewise, chances are good that the corporate tax rate in North Carolina 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.

Whatever a company's legal tax rate is, all corporations in Granite Falls, North Carolina must pay the taxes assessed against them. If they don't, they can be made to pay very large fines - usually much larger than their original tax bill.

How Can a Granite Falls, North Carolina Corporate Tax Lawyer Help?

The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to guarantee that they adhere with state and national corporate tax laws.

But most smaller Granite Falls corporations cannot afford to have these professionals on staff. So, they simply hire them as needed. If you are a business owner, and you have concerns about corporate taxation, you should seek the counsel of a competent and reputable tax lawyer in Granite Falls, North Carolina as soon as you can.