Corporate Tax Lawyers in Olean
In Olean, 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 system is sometimes called "corporate personhood" by New York lawyers. It means, in simple terms, that the law treats a corporation just as it would treat a human being - having most of the legal rights and duties that also apply to individuals.
One of the main legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.
Corporate Tax Rate in Olean, 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 Olean, 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.
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. So, 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 Olean, New York must pay the taxes assessed against them. If they don't, they can be made to pay very large fines - usually much larger than their original tax bill.
How Can a Olean, New York Corporate Tax Lawyer Help?
The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to ensure that they comply with state and national corporate tax laws.
But if you are the owner of a small corporation in Olean, 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 important that you speak with a lawyer in Olean, New York who practices tax law.