Corporate Tax Lawyers in Glenolden

A "corporation" in Glenolden, Pennsylvania is an organization formed under state law which is regarded 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 most of the same rights, privileges, and commitments as living, breathing human beings.

One of the major legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.

Corporate Tax Rate in Glenolden, Pennsylvania

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

The federal corporate income tax rate is different from the tax rate that applies to individuals. The highest corporate tax rate at the federal level is 35% of income - applying to companies that make over .3 million per year. Corporations earning under ,000 pay a 15% tax rate. There are several tax brackets in between.

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 therefore improve their economies) is to have a low corporate tax rate.

In Glenolden, 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 Glenolden, Pennsylvania Corporate Tax Lawyer Help?

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

As most business owners know, however, the majority of small Glenolden corporations can't afford to have attorneys on staff full time. So, if you run a small corporation, and are confused about the corporate tax issues that may affect you, it's a very good idea to retain the services of a Glenolden, Pennsylvania tax attorney immediately.