Corporate Tax Lawyers in Santa Ana
In Santa Ana, California, 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 rule is called "corporate personhood." Essentially, under the law of California, corporations are, in many ways, the same as individual human beings. So, 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 Santa Ana, California
All corporations in America have to pay a federal income tax. Numerous states also have a corporate income tax, which corporations operating in Santa Ana, California have to pay.
Under federal laws that govern corporate income taxes, corporations pay a different income tax rate from individual people. Corporations pay a maximum federal income tax rate of 35%, and a minimum rate of 15%, depending on their income. The high tax rate applies to corporations that make .3 million per year, and the low rate applies to any company bringing in less than ,000.
The tax rate in California 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 Santa Ana, California 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.
How Can a Santa Ana, 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.
However, if you are the owner of a smaller corporation in Santa Ana, you likely can't afford a full-time in-house lawyer. For that reason, you should hire an attorney in Santa Ana, California who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi