Corporate Tax Lawyers in Winsted
In Winsted, 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 Winsted, 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 Winsted, 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.
The tax rate in Connecticut for corporations probably also differs from the taxes that individuals must pay. In some states, the government has determined that their interests would be best served by making corporate taxes as low as possible. So in many states, the tax rate for corporations is much lower than the one paid by individuals, unlike the federal corporate tax.
Corporations in Winsted, Connecticut are obligated to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in grave legal penalties, including fines that may prove ruinous, particularly for smaller businesses.
How Can a Winsted, 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.
Of course, smaller companies in Winsted 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 Winsted, Connecticut tax attorney as soon as possible.