Corporate Tax in Lomita, California
In Lomita, California, 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 rule is called "corporate personhood." Basically, under the law of California, corporations are, in many ways, the same as individual human beings. Thus, corporations have some of the same legal rights and obligations as actual people.
One of a corporation's primary legal obligations is its duty to pay income taxes, as an actual person would.
Corporate Tax Rate in Lomita, California
Essentially every for-profit corporation in the U.S. is required to pay taxes on its income each year. Most states also have their own corporate income tax. All corporations in Lomita, California are required to pay it.
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 $18.3 million per year. Corporations earning under $50,000 pay a 15% tax rate. There are various tax brackets in between.
There's also a good chance that the tax rate applicable to corporations in California 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.
Corporations in Lomita, California are required to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in severe legal penalties, including fines that may prove ruinous, especially for smaller businesses.
Find a Lomita Lawyer that Specializes in Your Area of Need:
How Can a Lomita, California Corporate Tax Lawyer Help?
Most very large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in compliance with all applicable state and federal income tax laws.
Of course, smaller companies in Lomita can't afford to have full-time legal and accounting departments on their payroll. Accordingly, if your business is organized as a corporation, and has an issue with its taxes, it's imperative that you contact a Lomita, California tax attorney as soon as possible.