Corporate Tax Lawyers in Danville

In Danville, New Hampshire, 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 known as "corporate personhood." While the concept is somewhat abstract, the law of New Hampshire 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.

An discernible example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.

Corporate Tax Rate in Danville, New Hampshire

Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states also have their own corporate income tax, which corporations located in Danville, New Hampshire have to remit.

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 New Hampshire 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 typically lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.

Corporations in Danville, New Hampshire are obligated to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in grave legal penalties, including fines that may prove ruinous, particularly for smaller businesses.

How Can a Danville, New Hampshire Corporate Tax Lawyer Help?

The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to guarantee that they adhere with state and national corporate tax laws.

But if you are the owner of a small corporation in Danville, chances are you don't have a full-service legal department on your payroll. So, if you need help with your corporate taxes, it's critical that you speak with a lawyer in Danville, New Hampshire who practices tax law.