Corporate Tax in Phoenix, Arizona
In Phoenix, Arizona, a "corporation" is defined as a legal entity that's separate from its owners. Thus, from a legal standpoint, the owner of a corporation and the corporation itself are not the same "person."
This doctrine is identified as "corporate personhood." While the concept is somewhat abstract, the law of Arizona 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.
An obvious example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Phoenix, Arizona
Every corporation in the U.S. which has taxable income must pay its share of the federal corporate income tax. The majority of states additionally have a corporate income tax, which Phoenix, Arizona 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 $18.3 million per year. Corporations that earn less than $50,000 per year are taxed at 15%. There are various tax brackets in between. However, the individual federal income tax rate tops at 33%.
There's also a good chance that the tax rate applicable to corporations in Arizona 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 Phoenix, Arizona 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.
Find a Phoenix Lawyer that Specializes in Your Area of Need:
How Can a Phoenix, Arizona 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 Phoenix, you probably can't afford a full-time in-house lawyer. For that reason, you should contact an attorney in Phoenix, Arizona who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi
148 Tax Law cases posted to LegalMatch lawyers in Phoenix
Corporate Tax Attorneys in the Largest AZ Cities
Life in PhoenixIt is in Phoenix, Arizona that one can find the "Jewel of the Desert." The Arizona Biltmore Resort & Spa is known all over the world for its gorgeous 39 acre property. In fact, celebrities, U.S. Presidents and millions of tourists stay at this wonderful resort.
Phoenix has much more to offer its tourists alongside the beautiful Biltmore. Some popular attractions include the Arizona Science Center, Camelback Mountain, Castles n' Coasters, Chase Field, Encanto Park, and Orpheum Theatre. Phoenix offers a mix array of attractions ranging from those displaying the beautiful desert and Mother Nature, as well as those with a modern, metropolitan touch.
Phoenix being the industrial hub of Arizona is home to many large, mid-size, and small boutique law firms. In fact, the University of Arizona is a top law school that produces great legal minds every year. Therefore, Phoenix citizens can rest assure because any of their legal needs can easily be taken care of.