Corporate Tax Lawyers in North Braddock

A "corporation" in North Braddock, 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 these obligations is the duty to pay income tax in much the same way as an individual person.

Corporate Tax Rate in North Braddock, Pennsylvania

Every corporation in the United States is required to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in North Braddock, Pennsylvania are required 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 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 best way to attract business (and therefore improve their economies) is to have a low corporate tax rate.

In North Braddock, Pennsylvania, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in severe punishment, including huge fines which can put a corporation out of business.

How Can a North Braddock, Pennsylvania Corporate Tax Lawyer Help?

The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to ensure that they comply with state and national corporate tax laws.

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