Corporate Tax Lawyers in Bucks County

A "corporation" in Bucks County, Pennsylvania is an organization formed under state law which is regarded 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 most of the identical legal rights and obligations as actual human beings.

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

Corporate Tax Rate in Bucks County, Pennsylvania

Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states additionally have their own corporate income tax, which corporations located in Bucks County, Pennsylvania have to remit.

In most states, and at the federal level, corporations are taxed at a different rate than individuals. At the federal level, the corporate income tax maxes out at 35% for corporations that earn more than .3 million per year. Corporations that earn less than ,000 per year are taxed at 15%. There are various tax brackets in between. Nonetheless, the individual federal income tax rate tops at 33%.

The corporate tax rate in Pennsylvania 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 ideal way to attract business (and consequently improve their economies) is to have a low corporate tax rate.

In Bucks County, Pennsylvania, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in grave punishment, including huge fines which can put a corporation out of business.

How Can a Bucks County, Pennsylvania Corporate Tax Lawyer Help?

Many larger corporations have lawyers and accountants who guarantee that they are in complete compliance with both state and federal tax law.

But most smaller Bucks County corporations cannot afford to have these professionals on staff. Thus, they simply hire them as needed. If you are a business owner, and you have concerns about corporate taxation, you should seek the counsel of a competent and trustworthy tax lawyer in Bucks County, Pennsylvania as soon as you can.