Corporate Tax in Hyattsville, Maryland

Find the right Corporate Tax attorney in Hyattsville, MD

Corporate Tax Lawyers in Hyattsville

In Hyattsville, Maryland, 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 Maryland, and it essentially 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 these obligations is the duty to pay income tax in much the same way as an individual person.

Corporate Tax Rate in Hyattsville, Maryland

Every corporation in the United States is required to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Hyattsville, Maryland are required to pay.

Under federal laws that govern 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.

The tax rate in Maryland for corporations probably also differs from the taxes that individuals must pay. In some states, the government has decided that their interests would be best served by making corporate taxes as low as possible. So in many states, the tax rate for corporations is much lower than the one paid by individuals, unlike the federal corporate tax.

Whatever their legal tax rate, all corporations in Hyattsville, Maryland are required to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can sometimes prove financially ruinous.

How Can a Hyattsville, Maryland Corporate Tax Lawyer Help?

Most bigger companies have corporate attorneys and accountants on staff who help them comply with federal and state tax laws.

Of course, smaller companies in Hyattsville 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 essential that you contact a Hyattsville, Maryland tax attorney as soon as possible.

Talk to a Tax Law Attorney now!

Life in Hyattsville

Named after Christopher Clarke Hyatt in 1860, Hyattsville, Maryland is home to close to 15,000 residents.Hyatsville provides its population with easy access to both Washington and Baltmiore, Hyattsville is located in Prince George's County, Maryland.

The small population does not mean that there are a lack of good lawyers in Hyattsville. Raning from family law to employment issues, to everyday legal issues, Hyattsville lawyers are skilled in a range legal areas ready to help their neighbors with whatever he or she may find themselves facing. Hyattsville also has friendly neighborhoods, top schools, and an active population contributing to the overall charm of the East Coast city.

A portion of the city of Hyattsville was placed on the National Registry ofHistoric Placesfor the many beautiful historic sites the city has to offer. Hyattsville is also home to a variety of industries including: manufacturing, retail, and real estate. There are also many summer attractions including outdoor summer concerts, outdoor movies showing classics, and many well-kept neighborhood parks putting on activities. Hyattsville is a city that has perfected the small-town charm in a big way.

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