Corporate Tax Lawyers in Kenilworth
In Kenilworth, New Jersey, 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 concept is referred to as "corporate personhood" in New Jersey, and it typically means that, for many purposes under the law, corporations are treated the same as individual people, being subject to many of the same rights and responsibilities.
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 Kenilworth, New Jersey
All corporations in America have to pay a federal income tax. Various states also have a corporate income tax, which corporations operating in Kenilworth, New Jersey have 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.
The tax rate in New Jersey for corporations probably also differs from the taxes that individuals must pay. In some states, the government has determined that their interests would be best served by making corporate taxes as low as possible. So in many states, the tax rate for corporations is much lower than the one paid by individuals, unlike the federal corporate tax.
In Kenilworth, New Jersey, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in grave punishment, including huge fines which can put a corporation out of business.
How Can a Kenilworth, New Jersey Corporate Tax Lawyer Help?
Most extremely large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in conformity with every applicable state and federal income tax laws.
Of course, smaller companies in Kenilworth can't afford to have full-time legal and accounting departments on their payroll. Therefore, if your business is organized as a corporation, and has an issue with its taxes, it's imperative that you contact a Kenilworth, New Jersey tax attorney as soon as possible.