Corporate Tax in Springfield, Massachusetts

Find the right Corporate Tax attorney in Springfield, MA

Corporate Tax Lawyers in Springfield

In Springfield, 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 Springfield, Massachusetts

Basically every for-profit corporation in the U.S. is required to pay taxes on its income each year. Most states also have their own corporate income tax. All corporations in Springfield, Massachusetts are required to pay it.

At the federal level, and in certain states, corporations are taxed at different rates from individuals. Federally, the top corporate tax rate is 35% - a rate applying to corporations earning more than .3 million per year. Corporations earning less than ,000 a year pay a 15% corporate tax rate, and there are a few tax brackets in between. For comparison, the federal income tax for persons maxes out at 33%.

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, Springfield, 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 Springfield, Massachusetts Corporate Tax Lawyer Help?

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

However, if you are the owner of a smaller corporation in Springfield, you likely can't afford a full-time in-house lawyer. For that reason, you should contact an attorney in Springfield, Massachusetts who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi

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Life in Springfield

Springfield, MA is the largest city on the Connecticut River, and the seat of Hampden County. It has a population of around 153,000 people.

Like many cities in New England, Springfield, MA has a long and rich history, much of it associated with Colonial times and the American Revolutionary War. Shortly after the Revolutionary War ended, Springfield became the site of the first populist uprising in the United States. Known as Shays' Rebellion, this revolt resulted in a fundamental change in the U.S. government, leading to the abandonment of the Articles of Confederation in favor of the Constitution which we use today. Obviously, many of the drafters of the Constitution were lawyers, and this tradition of excellence in the legal profession continues in Springfield, MA today.

Springfield, MA is commonly referred to as the "City of Progress" - and it has been home to many individuals and movements that have advanced society for the better. For example, many inventions that made the industrial revolution possible were invented in Springfield. Also, prior to and during the Civil War, Springfield, MA was one of the major centers for the abolitionist movement, with many of Springfield, MA's lawyers defending slaves who had escaped the South.

Of course, there are still many skilled and dedicated lawyers practicing law in Springfield, MA. And if you are facing a legal problem, a Springfield, MA lawyer can almost certainly help.

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