Corporate Tax Lawyers in Albuquerque
In Albuquerque, New Mexico, 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 Mexico, 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 Albuquerque, New Mexico
Practically every for-profit corporation in the U.S. is required to pay taxes on its income each year. Most states also have their own corporate income tax. All corporations in Albuquerque, New Mexico are required to pay it.
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 various tax brackets in between.
Likewise, chances are good that the corporate tax rate in New Mexico are different from individual income taxes. However, many states feel that their economies would be best served by attracting as many businesses as possible. For that reasons, in a large number of states, the corporate income tax rate is considerably lower than the individual rate.
Whatever a company's legal tax rate is, all corporations in Albuquerque, New Mexico must pay the taxes assessed against them. If they don't, they can be made to pay very considerable fines - typically much larger than their original tax bill.
How Can a Albuquerque, New Mexico Corporate Tax Lawyer Help?
Many bigger companies have corporate attorneys and accountants on staff who help them adhere with federal and state tax laws.
However, if you are the owner of a smaller corporation in Albuquerque, you likely can't afford a full-time in-house lawyer. For that reason, you should contact an attorney in Albuquerque, New Mexico who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi
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This lawyer shows real commentment to his cases
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Mr.C. is a excellent lawyer he always kept us well informed on the case, I am very satisfied with the work that he has done and I am sure that anyother person who were to hire him will be too. Also he took the time and patience to talk to me personally after all the work he had. I would strongly recommend him. Very very good.
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