Corporate Tax Lawyers in Sanford

In Sanford, 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 identified 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 Sanford, 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 additionally have a corporate income tax, which Sanford, North Carolina corporations are required to pay.

Under federal laws that regulate 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.

There's also a good chance that the tax rate applicable to corporations in North Carolina 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.

Whatever their legal tax rate, all corporations in Sanford, North Carolina 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 Sanford, 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.

As most business owners know, however, the majority of small Sanford 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 Sanford, North Carolina tax attorney immediately.