Corporate Tax Lawyers in Frackville

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

This doctrine is known as "corporate personhood." While the concept is somewhat abstract, the law of Pennsylvania treats corporations as individual persons, for most purposes. This means that, legally, corporations have many of the same rights, privileges, and obligations as living, breathing human beings.

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 Frackville, Pennsylvania

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 Frackville, Pennsylvania have to remit.

At the federal level, and in some 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 individuals maxes out 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 best way to attract business (and therefore improve their economies) is to have a low corporate tax rate.

Whatever their legal tax rate, all corporations in Frackville, Pennsylvania are required to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can sometimes prove financially ruinous.

How Can a Frackville, Pennsylvania Corporate Tax Lawyer Help?

Most bigger companies have corporate attorneys and accountants on staff who help them comply with federal and state tax laws.

However, if you are the owner of a smaller corporation in Frackville, you probably can't afford a full-time in-house lawyer. For that reason, you should hire an attorney in Frackville, Pennsylvania who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi