Corporate Tax Lawyers in Archbald

A "corporation" in Archbald, Pennsylvania is an organization established under state law which is considered a separate "person" from any of the people who run it.

Corporations are subject to the rule of "corporate personhood." Simply put, this means that corporations, under the law in Pennsylvania are treated as individual persons. This means they have many of the same legal rights and responsibilities as actual human beings.

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

Corporate Tax Rate in Archbald, Pennsylvania

All corporations in America have to pay a federal income tax. Several states also have a corporate income tax, which corporations operating in Archbald, Pennsylvania have to pay.

Under the federal tax system, and the tax laws of some states, corporate income is taxed at a different rate from the income of individuals. For example, the top federal income tax rate for corporations is 35%, compared with 33% for individuals. The highest tax rate applies to corporations making more than .3 million per year. The lowest corporate tax rate is 15%, applying to those corporations that make less than ,000 per year.

Likewise, chances are good that the corporate tax rate in Pennsylvania 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 substantially lower than the individual rate.

Whatever a company's legal tax rate is, all corporations in Archbald, Pennsylvania must pay the taxes assessed against them. If they don't, they can be made to pay very massive fines - normally much larger than their original tax bill.

How Can a Archbald, Pennsylvania Corporate Tax Lawyer Help?

Most very large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in compliance with all applicable state and federal income tax laws.

But if you are the owner of a small corporation in Archbald, chances are you don't have a full-service legal department on your payroll. Therefore, if you need help with your corporate taxes, it's crucial that you speak with a lawyer in Archbald, Pennsylvania who practices tax law.