Corporate Tax Lawyers in Southbury
In Southbury, Connecticut, a "corporation" is defined as a legal entity that's separate from its owners. Thus, 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 typically 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 obligations is its duty to pay income taxes, as an actual person would.
Corporate Tax Rate in Southbury, Connecticut
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 Southbury, Connecticut are required to pay.
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 various tax brackets in between.
There's also a good chance that the tax rate applicable to corporations in Connecticut differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. Thus, in some states, the corporate tax rate is lower than the individual tax rate.
Whatever a company's legal tax rate is, all corporations in Southbury, Connecticut must pay the taxes assessed against them. If they don't, they can be made to pay very considerable fines - typically much larger than their original tax bill.
How Can a Southbury, Connecticut Corporate Tax Lawyer Help?
The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to ensure that they comply with state and national corporate tax laws.
But if you are the owner of a small corporation in Southbury, chances are you don't have a full-service legal department on your payroll. Thus, if you need help with your corporate taxes, it's important that you speak with a lawyer in Southbury, Connecticut who practices tax law.