Corporate Tax Lawyers in Red Lion
A "corporation" in Red Lion, 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 recognized 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 Red Lion, 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 further have a corporate income tax, which Red Lion, Pennsylvania corporations are required to pay.
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%.
Likewise, chances are good that the corporate tax rate in Pennsylvania are different from individual income taxes. However, many states feel that their economies would be best served by attracting as many businesses as possible. For that reasons, in a large number of states, the corporate income tax rate is substantially lower than the individual rate.
Whatever a company's legal tax rate is, all corporations in Red Lion, Pennsylvania must pay the taxes assessed against them. If they don't, they can be made to pay very massive fines - normally much larger than their original tax bill.
How Can a Red Lion, 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 Red Lion, you probably can't afford a full-time in-house lawyer. For that reason, you should retain an attorney in Red Lion, Pennsylvania who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi