Corporate Tax Lawyers in North Palm Beach
In North Palm Beach, 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 North Palm Beach, Florida
All corporations in America have to pay a federal income tax. Several states also have a corporate income tax, which corporations operating in North Palm Beach, Florida have to pay.
In most states, and at the federal level, corporations are taxed at a different rate than individuals. At the federal level, the corporate income tax maxes out at 35% for corporations that earn more than .3 million per year. Corporations that earn less than ,000 per year are taxed at 15%. There are many tax brackets in between. However, the individual federal income tax rate tops at 33%.
In Florida the corporate tax rate probably differs from the individual tax rate as well. In many states, policymakers have determined 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.
Whatever a company's legal tax rate is, all corporations in North Palm Beach, 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 North Palm Beach, Florida Corporate Tax Lawyer Help?
The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to ensure that they comply with state and national corporate tax laws.
But if you are the owner of a small corporation in North Palm Beach, chances are you don't have a full-service legal department on your payroll. Therefore, if you need help with your corporate taxes, it's crucial that you speak with a lawyer in North Palm Beach, Florida who practices tax law.