Corporate Tax Lawyers in Greenacres

In Greenacres, Florida, a "corporation" is specified 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 concept is referred to as "corporate personhood" in Florida, and it typically means that, for many purposes under the law, corporations are treated the same as individual people, being subject to many of the same rights and responsibilities.

One of a corporation's primary legal commitments is its duty to pay income taxes, as an actual person would.

Corporate Tax Rate in Greenacres, Florida

Practically 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 Greenacres, Florida are required to pay it.

Under the federal tax system, and the tax laws of several states, corporate income is taxed at a different rate from the income of individuals. For instance, the top federal income tax rate for corporations is 35%, compared with 33% for individuals. The highest tax rate applies to corporations making more than .3 million per year. The lowest corporate tax rate is 15%, applying to those corporations that make less than ,000 per year.

In Florida the corporate tax rate likely differs from the individual tax rate as well. In many states, policymakers have decided that the local economy benefits most when it is business-friendly. In those states, the corporate tax rate is normally lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.

In Greenacres, Florida, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in grave punishment, including huge fines which can put a corporation out of business.

How Can a Greenacres, Florida 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.

But most smaller Greenacres corporations cannot afford to have these professionals on staff. Thus, 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 trustworthy tax lawyer in Greenacres, Florida as soon as you can.