Corporate Tax Lawyers in Sturbridge

In Sturbridge, 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 Sturbridge, 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 Sturbridge, 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.

Whatever a company's legal tax rate is, all corporations in Sturbridge, Massachusetts must pay the taxes assessed against them. If they don't, they can be made to pay very considerable fines - typically much larger than their original tax bill.

How Can a Sturbridge, Massachusetts Corporate Tax Lawyer Help?

The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to guarantee that they adhere with state and national corporate tax laws.

But most smaller Sturbridge corporations cannot afford to have these professionals on staff. Thus, they simply hire them as needed. If you are a business owner, and you have concerns about corporate taxation, you should seek the counsel of a competent and trustworthy tax lawyer in Sturbridge, Massachusetts as soon as you can.