Corporate Tax Lawyers in Queen Annes County

In Queen Annes County, 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 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 obligations is the duty to pay income tax in much the same way as an individual person.

Corporate Tax Rate in Queen Annes County, Maryland

All corporations in America have to pay a federal income tax. Many states also have a corporate income tax, which corporations operating in Queen Annes County, 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 various tax brackets in between.

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 a company's legal tax rate is, all corporations in Queen Annes County, 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 Queen Annes County, Maryland Corporate Tax Lawyer Help?

Most very large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in compliance with all applicable state and federal income tax laws.

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