Corporate Tax Lawyers in Plainfield
In Plainfield, 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 Plainfield, 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 Plainfield, New Jersey have to remit.
Under federal laws that govern 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. So, in some states, the corporate tax rate is lower than the individual tax rate.
Whatever their legal tax rate, all corporations in Plainfield, New Jersey are required to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can sometimes prove financially ruinous.
How Can a Plainfield, New Jersey Corporate Tax Lawyer Help?
Most larger corporations have lawyers and accountants who ensure that they are in full compliance with both state and federal tax law.
But if you are the owner of a small corporation in Plainfield, 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 important that you speak with a lawyer in Plainfield, New Jersey who practices tax law.