Corporate Tax Lawyers in Milton

In Milton, Florida, 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 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 commitments is the duty to pay income tax in much the same way as an individual person.

Corporate Tax Rate in Milton, Florida

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 Milton, Florida are obligated to pay.

Under federal laws that control 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.

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 usually lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.

In Milton, 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 Milton, 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 Milton 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 Milton, Florida as soon as you can.