Corporate Tax Lawyers in East Bridgewater
In East Bridgewater, Massachusetts, a "corporation" is an entity that is, under the law, distinct from any of its owners. Essentially, this means that the people who own a corporation, and the corporation itself, are distinct "persons."
This concept is referred to as "corporate personhood" in Massachusetts, and it basically 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 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 East Bridgewater, Massachusetts
All corporations in America have to pay a federal income tax. Various states also have a corporate income tax, which corporations operating in East Bridgewater, Massachusetts have to pay.
Under federal laws that control 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.
Likewise, chances are good that the corporate tax rate in Massachusetts 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 substantially lower than the individual rate.
In any case, East Bridgewater, Massachusetts corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to grave penalties, such as very large fines. These fines can be big enough to put some smaller companies out of business. Suffice to say, it's normally cheaper for corporations to pay their taxes than to not.
How Can a East Bridgewater, Massachusetts Corporate Tax Lawyer Help?
Most extremely large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in conformity with every applicable state and federal income tax laws.
As most business owners know, however, the majority of small East Bridgewater corporations can't afford to have attorneys on staff full time. Therefore, if you run a small corporation, and are confused about the corporate tax issues that may affect you, it's a very good idea to retain the services of an East Bridgewater, Massachusetts tax attorney immediately.