Corporate Tax in Mission Viejo, California

Find the right Corporate Tax attorney in Mission Viejo, CA

Corporate Tax Lawyers in Mission Viejo

In Mission Viejo, California, a "corporation" is specified as a legal entity that's separate from its owners. Therefore, from a legal standpoint, the owner of a corporation and the corporation itself are not the same "person."

This rule is called "corporate personhood." Essentially, under the law of California, corporations are, in many ways, the same as individual human beings. Therefore, corporations have some of the same legal rights and obligations as actual people.

As a prime example, corporations have to pay income taxes, just as a person would.

Corporate Tax Rate in Mission Viejo, California

Every corporation in the United States is obligated to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Mission Viejo, California are obligated 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 .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 persons maxes out at 33%.

The corporate tax rate in California may also differ from the individual tax rate. However, in many states, the corporate tax rate is lower than the individual income tax rate. This is because many states believe that the ideal way to attract business (and thus improve their economies) is to have a low corporate tax rate.

Corporations in Mission Viejo, California are obligated to pay both the state and federal corporate tax. Failing to pay either (or both) of these taxes can result in grave legal penalties, including fines that may prove ruinous, particularly for smaller businesses.

How Can a Mission Viejo, California Corporate Tax Lawyer Help?

Many bigger companies have corporate attorneys and accountants on staff who help them adhere with federal and state tax laws.

But most smaller Mission Viejo corporations cannot afford to have these professionals on staff. Therefore, they simply hire them as needed. If you are a business owner, and you have concerns about corporate taxation, you should seek the counsel of a competent and dependable tax lawyer in Mission Viejo, California as soon as you can.

Talk to a Tax Law Attorney now!

Life in Mission Viejo

Mission Viejo, California is a city in Orange County, California. Its current population is estimated to be about 93,000 people, making it one of the largest master-planned communities built under a single plan in the United States.

Mission Viejo, California's economy is dominated by Saddleback College, a community college located in the city. With over 2,000 employees, it is the largest employer in Mission, Viejo, California. The community college is attended by a large number of students who plan to go on to four-year universities. Some of these students go on to graduate school, and become Mission Viejo, California attorneys.

Another major employer in Mission Viejo, California is the local healthcare system, which employs over 1,000 people, such as doctors, as well as administrative personnel, including lawyers.

If you live in Mission Viejo, California and are in need of legal advice, you would do well to contact a Mission Viejo, California attorney as quickly as possible.

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