Corporate Tax Lawyers in Dickson City
A "corporation" in Dickson City, 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 Dickson City, Pennsylvania
Every corporation in the U.S. which has taxable income must pay its share of the federal corporate income tax. The majority of states additionally have a corporate income tax, which Dickson City, Pennsylvania corporations are required to pay.
At the federal level, and in certain 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 persons maxes out at 33%.
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 considerably lower than the individual rate.
In any case, Dickson City, Pennsylvania corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to grave penalties, such as very large fines. These fines can be big enough to put some smaller companies out of business. Suffice to say, it's typically cheaper for corporations to pay their taxes than to not.
How Can a Dickson City, Pennsylvania Corporate Tax Lawyer Help?
Many major corporations employ tax lawyers full time, to guarantee that they are in conformity with tax laws, and find legal means to reduce their tax liability.
However, if you are the owner of a smaller corporation in Dickson City, you likely can't afford a full-time in-house lawyer. For that reason, you should contact an attorney in Dickson City, Pennsylvania who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi