Corporate Tax Lawyers in Raymond
In Raymond, Maine, 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 Maine, 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.
An obvious example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Raymond, Maine
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 Raymond, Maine are required to pay.
Under the federal tax system, and the tax laws of some states, corporate income is taxed at a different rate from the income of individuals. For example, the top federal income tax rate for corporations is 35%, compared with 33% for individuals. The highest tax rate applies to corporations making more than .3 million per year. The lowest corporate tax rate is 15%, applying to those corporations that make less than ,000 per year.
The corporate tax rate in Maine may also differ from the individual tax rate. However, in many states, the corporate tax rate is lower than the individual income tax rate. This is because many states believe that the best way to attract business (and therefore improve their economies) is to have a low corporate tax rate.
Whatever their legal tax rate, all corporations in Raymond, Maine 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 Raymond, Maine Corporate Tax Lawyer Help?
The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to ensure that they comply with state and national corporate tax laws.
However, if you are the owner of a smaller corporation in Raymond, you probably can't afford a full-time in-house lawyer. For that reason, you should hire an attorney in Raymond, Maine who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi