Corporate Tax Lawyers in Perth Amboy
In Perth Amboy, 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 Perth Amboy, New Jersey
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states additionally have their own corporate income tax, which corporations located in Perth Amboy, 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.
In any case, Perth Amboy, New Jersey corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to grave penalties, such as very large fines. These fines can be big enough to put some smaller companies out of business. Suffice to say, it's typically cheaper for corporations to pay their taxes than to not.
How Can a Perth Amboy, New Jersey 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 if you are the owner of a small corporation in Perth Amboy, chances are you don't have a full-service legal department on your payroll. Thus, if you need help with your corporate taxes, it's critical that you speak with a lawyer in Perth Amboy, New Jersey who practices tax law.