Corporate Tax in Tucson, Arizona
In Tucson, Arizona, a "corporation" is specified as a legal entity that's separate from its owners. So, from a legal standpoint, the owner of a corporation and the corporation itself are not the same "person."
This doctrine is known 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 most of the same rights, privileges, and commitments 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 Tucson, 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 also have a corporate income tax, which Tucson, Arizona corporations are required to pay.
At the federal level, and in certain 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 $18.3 million per year. Corporations earning less than $50,000 a year pay a 15% corporate tax rate, and there are a few tax brackets in between. For comparison, the federal income tax for persons maxes out at 33%.
The tax rate in Arizona for corporations probably also differs from the taxes that individuals must pay. In some states, the government has determined that their interests would be best served by making corporate taxes as low as possible. So in many states, the tax rate for corporations is much lower than the one paid by individuals, unlike the federal corporate tax.
Whatever their legal tax rate, all corporations in Tucson, Arizona are obligated to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can occasionally prove financially ruinous.
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How Can a Tucson, Arizona 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.
As most business owners know, however, the majority of small Tucson corporations can't afford to have attorneys on staff full time. So, if you run a small corporation, and are confused about the corporate tax issues that may affect you, it's a very good idea to retain the services of a Tucson, Arizona tax attorney immediately.
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Life in TucsonTucson is a major city in Arizona and the county seat of Pima County. With a population of about 548,000, it is the second largest city in Arizona after Phoenix. Tucson is just over 100 miles from Phoenix and about an hour away from the U.S.-Mexico Border.
Often called "The Old Pueblo", Tucson is an attractive mix of traditional southwestern culture and modern innovations. The downtown area of Tucson has retained much of its historic southwest feel. Several downtown buildings such as the Hotel Congress and the Art Deco Fox Theater were constructed in the 1920's. Midtown Tucson also draws many visitors to the city. For example, the University of Arizona is located in midtown, which includes Arizona Stadium as well as the McKale Center.
The tourism industry fuels much of Tucson's economy, with some 3.5 million visitors bringing in over $2 billion a year. Tucson's warm climate attracts many "snowbirds", or winter visitors who often purchase a second home in the city. Popular events for tourists include the Tucson Gem & Mineral Show and the Tucson Folk Festival.
Lawyers in Tucson, Arizona handle most of their cases at the Tucson City Court. Tucson lawyers are available to help you understand the many laws that are unique to the state of Arizona.