Corporate Tax Lawyers in Middlesex County
In Middlesex County, 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 Middlesex County, Massachusetts
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states further have their own corporate income tax, which corporations located in Middlesex County, Massachusetts have to remit.
The federal corporate income tax rate is different from the tax rate that applies to individuals. The highest corporate tax rate at the federal level is 35% of income - applying to companies that make over .3 million per year. Corporations earning under ,000 pay a 15% tax rate. There are many tax brackets in between.
There's also a good chance that the tax rate applicable to corporations in Massachusetts differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. Therefore, in some states, the corporate tax rate is lower than the individual tax rate.
Whatever a company's legal tax rate is, all corporations in Middlesex County, Massachusetts must pay the taxes assessed against them. If they don't, they can be made to pay very massive fines - normally much larger than their original tax bill.
How Can a Middlesex County, 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 Middlesex County, chances are you don't have a full-service legal department on your payroll. Therefore, if you need help with your corporate taxes, it's critical that you speak with a lawyer in Middlesex County, Massachusetts who practices tax law.