Corporate Tax Lawyers in Thomasville
In Thomasville, North Carolina, a "corporation" is a legal entity that is totally 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 most of the same rights, privileges, and commitments as living, breathing human beings.
One of the major legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.
Corporate Tax Rate in Thomasville, North Carolina
Basically 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 Thomasville, North Carolina are required to pay it.
At the federal level, and in certain 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 persons maxes out at 33%.
In North Carolina the corporate tax rate likely differs from the individual tax rate as well. In many states, policymakers have decided that the local economy benefits most when it is business-friendly. In those states, the corporate tax rate is usually lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.
Whatever a company's legal tax rate is, all corporations in Thomasville, 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 Thomasville, North Carolina Corporate Tax Lawyer Help?
Many larger corporations have lawyers and accountants who guarantee that they are in complete compliance with both state and federal tax law.
But most smaller Thomasville corporations cannot afford to have these professionals on staff. Therefore, they simply hire them as needed. If you are a business owner, and you have concerns about corporate taxation, you should seek the counsel of a competent and dependable tax lawyer in Thomasville, North Carolina as soon as you can.