Corporate Tax Lawyers in Plum

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

Corporate Tax Rate in Plum, 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 Plum, Pennsylvania corporations are required to pay.

In most states, and at the federal level, corporations are taxed at a different rate than individuals. At the federal level, the corporate income tax maxes out at 35% for corporations that earn more than .3 million per year. Corporations that earn less than ,000 per year are taxed at 15%. There are several tax brackets in between. Nonetheless, the individual federal income tax rate tops at 33%.

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 Plum, 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 Plum, 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.

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