Corporate Tax Lawyers in Freetown

In Freetown, Massachusetts, a "corporation" is an entity that is, under the law, distinct from any of its owners. Basically, 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 main legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.

Corporate Tax Rate in Freetown, Massachusetts

All corporations in America have to pay a federal income tax. Several states also have a corporate income tax, which corporations operating in Freetown, 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.

In Massachusetts the corporate tax rate probably differs from the individual tax rate as well. In many states, policymakers have determined that the local economy benefits most when it is business-friendly. In those states, the corporate tax rate is usually lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.

Corporations in Freetown, Massachusetts are required to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in severe legal penalties, including fines that may prove ruinous, especially for smaller businesses.

How Can a Freetown, Massachusetts Corporate Tax Lawyer Help?

Many major corporations employ tax lawyers full time, to ensure that they are in compliance with tax laws, and find legal means to reduce their tax liability.

Of course, smaller companies in Freetown can't afford to have full-time legal and accounting departments on their payroll. Accordingly, if your business is organized as a corporation, and has an issue with its taxes, it's necessary that you contact a Freetown, Massachusetts tax attorney as soon as possible.