Corporate Tax Lawyers in Mount Airy

In Mount Airy, Maryland, 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 Maryland, 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 these commitments is the duty to pay income tax in much the same way as an individual person.

Corporate Tax Rate in Mount Airy, Maryland

All corporations in America have to pay a federal income tax. Numerous states also have a corporate income tax, which corporations operating in Mount Airy, Maryland have to pay.

In most states, and at the federal level, corporations are taxed at a different rate than individuals. At the federal level, the corporate income tax maxes out at 35% for corporations that earn more than .3 million per year. Corporations that earn less than ,000 per year are taxed at 15%. There are various tax brackets in between. Nonetheless, the individual federal income tax rate tops at 33%.

In Maryland 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 Mount Airy, Maryland 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 Mount Airy, Maryland Corporate Tax Lawyer Help?

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

But most smaller Mount Airy 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 Mount Airy, Maryland as soon as you can.