Corporate Tax Lawyers in Pennsville
In Pennsville, 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 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 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 Pennsville, New Jersey
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Most states additionally have their own corporate income tax, which corporations located in Pennsville, New Jersey have to remit.
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 New Jersey 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.
Corporations in Pennsville, New Jersey are required to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in severe legal penalties, including fines that may prove ruinous, especially for smaller businesses.
How Can a Pennsville, New Jersey Corporate Tax Lawyer Help?
Many major corporations employ tax lawyers full time, to ensure that they are in compliance with tax laws, and find legal means to reduce their tax liability.
Of course, smaller companies in Pennsville 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 imperative that you contact a Pennsville, New Jersey tax attorney as soon as possible.