Corporate Tax Lawyers in Midway

In Midway, North Carolina, 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.

This doctrine is recognized as "corporate personhood." While the concept is somewhat abstract, the law of North Carolina treats corporations as individual persons, for most purposes. This means that, legally, corporations have many of the same rights, privileges, and obligations as living, breathing human beings.

One of the main legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.

Corporate Tax Rate in Midway, North Carolina

Every corporation in the U.S. which has taxable income must pay its share of the federal corporate income tax. The majority of states further have a corporate income tax, which Midway, North Carolina corporations are required to pay.

At the federal level, and in some states, corporations are taxed at different rates from individuals. Federally, the top corporate tax rate is 35% - a rate applying to corporations earning more than .3 million per year. Corporations earning less than ,000 a year pay a 15% corporate tax rate, and there are a few tax brackets in between. For comparison, the federal income tax for individuals maxes out at 33%.

Likewise, chances are good that the corporate tax rate in North Carolina 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 a company's legal tax rate is, all corporations in Midway, North Carolina must pay the taxes assessed against them. If they don't, they can be made to pay very massive fines - normally much larger than their original tax bill.

How Can a Midway, North Carolina 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 Midway, you probably can't afford a full-time in-house lawyer. For that reason, you should retain an attorney in Midway, North Carolina who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi