Corporate Tax in Gloucester, Massachusetts

Find the right Corporate Tax attorney in Gloucester, MA

Corporate Tax Lawyers in Gloucester

In Gloucester, 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 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 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 Gloucester, Massachusetts

All corporations in America have to pay a federal income tax. Various states also have a corporate income tax, which corporations operating in Gloucester, Massachusetts have to pay.

Under federal laws that regulate 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 likely differs from the individual tax rate as well. In many states, policymakers have decided that the local economy benefits most when it is business-friendly. In those states, the corporate tax rate is normally lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.

In any case, Gloucester, 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 typically cheaper for corporations to pay their taxes than to not.

How Can a Gloucester, Massachusetts 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.

But if you are the owner of a small corporation in Gloucester, 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 critical that you speak with a lawyer in Gloucester, Massachusetts who practices tax law.

Talk to a Tax Law Attorney now!

Life in Gloucester

Gloucester, Massachusetts is a city located on Cape Ann, in Essex County. According to a 2007 Census estimate, its population is approximately 30,000 people. The area now known as Gloucester was first reached by British settlers in the 1620s. The town of Gloucester was so named in the 1640s (or that's when the first known written reference to the name exists) from a town of the same name en England. The town, thanks to its once-abundant supply of lumber, and its proximity to the ocean, used to be an important shipbuilding center. Though this industry has largely moved elsewhere, it is still an important part of the town's history and culture. It was also once a very important center for commercial fishing, and fishing is still an important component of the local economy. The architecture of Gloucester is quite beautiful, with many sections of the town comprised almost entirely of 100+ year old buildings, giving it the idyllic look distinctive to New England. There are also plenty of lawyers in and around Gloucester, Massachusetts who can handle whatever legal problem you might find yourself facing. New England is home to several exceptional law schools, and, by extension, many exceptional lawyers. If you have a legal issue, a Gloucester, Massachusetts lawyer can help.

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