Corporate Tax Lawyers in Kingston

In Kingston, 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 Kingston, 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 Kingston, New York have to remit.

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 several tax brackets in between.

The corporate tax rate in New York may also differ from the individual tax rate. However, in many states, the corporate tax rate is lower than the individual income tax rate. This is because many states believe that the best way to attract business (and therefore improve their economies) is to have a low corporate tax rate.

Corporations in Kingston, 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 Kingston, 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.

As most business owners know, however, the majority of small Kingston corporations can't afford to have attorneys on staff full time. So, if you run a small corporation, and are confused about the corporate tax issues that may affect you, it's a very good idea to retain the services of a Kingston, New York tax attorney immediately.