Corporate Tax Lawyers in Ellwood City

A "corporation" in Ellwood City, 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 discernible example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.

Corporate Tax Rate in Ellwood 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 also have a corporate income tax, which Ellwood City, Pennsylvania corporations are required 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.

There's also a good chance that the tax rate applicable to corporations in Pennsylvania 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 Ellwood City, Pennsylvania 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 Ellwood City, Pennsylvania Corporate Tax Lawyer Help?

Most larger corporations have lawyers and accountants who ensure that they are in full compliance with both state and federal tax law.

But if you are the owner of a small corporation in Ellwood City, 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 crucial that you speak with a lawyer in Ellwood City, Pennsylvania who practices tax law.