Corporate Tax Lawyers in Ocean
In Ocean, New Jersey, 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 concept is referred to as "corporate personhood" in New Jersey, and it essentially 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 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 Ocean, New Jersey
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Most states also have their own corporate income tax, which corporations located in Ocean, New Jersey have to remit.
The federal corporate income tax rate is different from the tax rate that applies to individuals. The highest corporate tax rate at the federal level is 35% of income - applying to companies that make over .3 million per year. Corporations earning under ,000 pay a 15% tax rate. There are several tax brackets in between.
The corporate tax rate in New Jersey may also differ from the individual tax rate. However, in many states, the corporate tax rate is lower than the individual income tax rate. This is because many states believe that the best way to attract business (and therefore improve their economies) is to have a low corporate tax rate.
In Ocean, New Jersey, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in severe punishment, including huge fines which can put a corporation out of business.
How Can a Ocean, New Jersey Corporate Tax Lawyer Help?
Most very large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in compliance with all applicable state and federal income tax laws.
Of course, smaller companies in Ocean can't afford to have full-time legal and accounting departments on their payroll. Accordingly, if your business is organized as a corporation, and has an issue with its taxes, it's essential that you contact an Ocean, New Jersey tax attorney as soon as possible.