Corporate Tax Lawyers in New Freedom

A "corporation" in New Freedom, 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 identified 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 these commitments is the duty to pay income tax in much the same way as an individual person.

Corporate Tax Rate in New Freedom, Pennsylvania

Every corporation in the United States is obligated to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in New Freedom, Pennsylvania are obligated to pay.

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 various tax brackets in between.

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. Thus, 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 New Freedom, Pennsylvania must pay the taxes assessed against them. If they don't, they can be made to pay very considerable fines - typically much larger than their original tax bill.

How Can a New Freedom, 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 if you are the owner of a small corporation in New Freedom, chances are you don't have a full-service legal department on your payroll. Thus, if you need help with your corporate taxes, it's essential that you speak with a lawyer in New Freedom, Pennsylvania who practices tax law.