Corporate Tax Lawyers in Orange Park

In Orange Park, Florida, a "corporation" is defined 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 concept is referred to as "corporate personhood" in Florida, and it essentially 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 Orange Park, Florida

All corporations in America have to pay a federal income tax. Several states also have a corporate income tax, which corporations operating in Orange Park, Florida have 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 several tax brackets in between.

Likewise, chances are good that the corporate tax rate in Florida are different from individual income taxes. However, many states feel that their economies would be best served by attracting as many businesses as possible. For that reasons, in a large number of states, the corporate income tax rate is significantly lower than the individual rate.

In any case, Orange Park, Florida corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to severe penalties, such as very large fines. These fines can be big enough to put some smaller companies out of business. Suffice to say, it's usually cheaper for corporations to pay their taxes than to not.

How Can a Orange Park, 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.

As most business owners know, however, the majority of small Orange Park corporations can't afford to have attorneys on staff full time. So, if you run a small corporation, and are confused about the corporate tax issues that may affect you, it's a very good idea to retain the services of an Orange Park, Florida tax attorney immediately.