Corporate Tax Lawyers in Pocomoke City

In Pocomoke City, 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 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 commitments is the duty to pay income tax in much the same way as an individual person.

Corporate Tax Rate in Pocomoke City, Maryland

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

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 several tax brackets in between.

Likewise, chances are good that the corporate tax rate in Maryland are different from individual income taxes. However, many states feel that their economies would be best served by attracting as many businesses as possible. For that reasons, in a large number of states, the corporate income tax rate is significantly lower than the individual rate.

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

How Can a Pocomoke City, Maryland 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.

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