Corporate Tax Lawyers in Lighthouse Point

In Lighthouse Point, Florida, a "corporation" is defined 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 concept is referred to as "corporate personhood" in Florida, and it basically 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 these obligations is the duty to pay income tax in much the same way as an individual person.

Corporate Tax Rate in Lighthouse Point, Florida

Every corporation in the United States is required to pay federal income tax. Most states also have a corporate income tax, which corporations doing business in Lighthouse Point, Florida are required to pay.

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 .3 million per year. Corporations earning under ,000 pay a 15% tax rate. There are many tax brackets in between.

The tax rate in Florida for corporations probably also differs from the taxes that individuals must pay. In some states, the government has decided 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 a company's legal tax rate is, all corporations in Lighthouse Point, Florida must pay the taxes assessed against them. If they don't, they can be made to pay very massive fines - normally much larger than their original tax bill.

How Can a Lighthouse Point, Florida Corporate Tax Lawyer Help?

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

Of course, smaller companies in Lighthouse Point 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 necessary that you contact a Lighthouse Point, Florida tax attorney as soon as possible.