Corporate Tax Lawyers in Palm Beach County

In Palm Beach County, 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 these commitments is the duty to pay income tax in much the same way as an individual person.

Corporate Tax Rate in Palm Beach County, Florida

All corporations in America have to pay a federal income tax. Numerous states also have a corporate income tax, which corporations operating in Palm Beach County, 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 various 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 determined 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.

In Palm Beach County, 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 Palm Beach County, Florida Corporate Tax Lawyer Help?

Many major corporations employ tax lawyers full time, to guarantee that they are in conformity with tax laws, and find legal means to reduce their tax liability.

However, if you are the owner of a smaller corporation in Palm Beach County, you likely can't afford a full-time in-house lawyer. For that reason, you should contact an attorney in Palm Beach County, Florida who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi