Corporate Tax Lawyers in Winchester
In Winchester, 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 Winchester, 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 Winchester, Connecticut are obligated 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 Connecticut 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.
Whatever their legal tax rate, all corporations in Winchester, 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 Winchester, Connecticut Corporate Tax Lawyer Help?
Many larger corporations have lawyers and accountants who guarantee that they are in complete compliance with both state and federal tax law.
Of course, smaller companies in Winchester can't afford to have full-time legal and accounting departments on their payroll. Therefore, if your business is organized as a corporation, and has an issue with its taxes, it's essential that you contact a Winchester, Connecticut tax attorney as soon as possible.