Corporate Tax Lawyers in Hudson
In 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 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 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 Hudson, New York
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 Hudson, New York have to remit.
At the federal level, and in some 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 individuals maxes out at 33%.
In New York the corporate tax rate probably differs from the individual tax rate as well. In many states, policymakers have determined that the local economy benefits most when it is business-friendly. In those states, the corporate tax rate is typically lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.
Corporations in Hudson, New York are required to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in severe legal penalties, including fines that may prove ruinous, especially for smaller businesses.
How Can a Hudson, New York Corporate Tax Lawyer Help?
Most bigger companies have corporate attorneys and accountants on staff who help them comply with federal and state tax laws.
But most smaller Hudson corporations cannot afford to have these professionals on staff. So, they simply hire them as needed. If you are a business owner, and you have questions about corporate taxation, you should seek the counsel of a competent and reputable tax lawyer in Hudson, New York as soon as you can.