Corporate Tax Lawyers in Silver Spring
In Silver Spring, 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 basically 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 Silver Spring, Maryland
All corporations in America have to pay a federal income tax. Numerous states also have a corporate income tax, which corporations operating in Silver Spring, Maryland have to pay.
Under federal laws that control 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.
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 substantially lower than the individual rate.
Whatever their legal tax rate, all corporations in Silver Spring, Maryland are obligated to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can occasionally prove financially ruinous.
How Can a Silver Spring, 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.
As most business owners know, however, the majority of small Silver Spring corporations can't afford to have attorneys on staff full time. Therefore, if you run a small corporation, and are confused about the corporate tax issues that may affect you, it's a very good idea to retain the services of a Silver Spring, Maryland tax attorney immediately.