Corporate Tax Lawyers in Croton On Hudson

In Croton On Hudson, New York, 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 York, 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.

An noticeable example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.

Corporate Tax Rate in Croton On Hudson, New York

Every corporation in the United States is required to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Croton On Hudson, New York are required to pay.

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.

There's also a good chance that the tax rate applicable to corporations in New York 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.

Whatever a company's legal tax rate is, all corporations in Croton On Hudson, New York 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 Croton On Hudson, New York 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.

Of course, smaller companies in Croton On Hudson 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 Croton On Hudson, New York tax attorney as soon as possible.