Corporate Tax Lawyers in Holtsville
In Holtsville, New York, 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 York, 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.
An obvious example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Holtsville, New York
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states also have their own corporate income tax, which corporations located in Holtsville, New York have to remit.
At the federal level, and in certain states, corporations are taxed at different rates from individuals. Federally, the top corporate tax rate is 35% - a rate applying to corporations earning more than .3 million per year. Corporations earning less than ,000 a year pay a 15% corporate tax rate, and there are a few tax brackets in between. For comparison, the federal income tax for persons maxes out at 33%.
Likewise, chances are good that the corporate tax rate in New York 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 significantly lower than the individual rate.
Whatever their legal tax rate, all corporations in Holtsville, New York are obligated to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can occasionally prove financially ruinous.
How Can a Holtsville, New York Corporate Tax Lawyer Help?
The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to guarantee that they adhere with state and national corporate tax laws.
But if you are the owner of a small corporation in Holtsville, 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 essential that you speak with a lawyer in Holtsville, New York who practices tax law.