Corporate Tax Lawyers in Seymour

In Seymour, Connecticut, a "corporation" is specified 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 concept is referred to as "corporate personhood" in Connecticut, 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 a corporation's primary legal commitments is its duty to pay income taxes, as an actual person would.

Corporate Tax Rate in Seymour, Connecticut

Every corporation in the United States is obligated to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Seymour, Connecticut are obligated to pay.

Under the federal tax system, and the tax laws of several states, corporate income is taxed at a different rate from the income of individuals. For instance, 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 ideal way to attract business (and therefore improve their economies) is to have a low corporate tax rate.

Whatever their legal tax rate, all corporations in Seymour, Connecticut are obligated to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can occasionally prove financially ruinous.

How Can a Seymour, Connecticut Corporate Tax Lawyer Help?

Many bigger companies have corporate attorneys and accountants on staff who help them adhere with federal and state tax laws.

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