Corporate Tax Lawyers in Pascagoula
In Pascagoula, Mississippi, a "corporation" is a legal entity that is completely distinct from any person - even its owner. So, this means that a corporation is a distinct "person" from its owners and directors.
Corporations are subject to the rule of "corporate personhood." Simply put, this means that corporations, under the law in Mississippi are treated as individual persons. This means they have many of the same legal rights and responsibilities as actual human beings.
As a prime example, corporations have to pay income taxes, just as a person would.
Corporate Tax Rate in Pascagoula, Mississippi
Virtually every for-profit corporation in the U.S. is required to pay taxes on its income each year. Most states also have their own corporate income tax. All corporations in Pascagoula, Mississippi are required to pay it.
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. However, the individual federal income tax rate tops at 33%.
There's also a good chance that the tax rate applicable to corporations in Mississippi differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. Thus, in some states, the corporate tax rate is lower than the individual tax rate.
In any case, Pascagoula, Mississippi corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to severe penalties, such as very large fines. These fines can be big enough to put some smaller companies out of business. Suffice to say, it's typically cheaper for corporations to pay their taxes than to not.
How Can a Pascagoula, Mississippi Corporate Tax Lawyer Help?
Most larger corporations have lawyers and accountants who ensure that they are in full compliance with both state and federal tax law.
As most business owners know, however, the majority of small Pascagoula corporations can't afford to have attorneys on staff full time. Thus, 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 Pascagoula, Mississippi tax attorney immediately.