Corporate Tax Lawyers in Plantation
In Plantation, 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 Plantation, Florida
All corporations in America have to pay a federal income tax. Many states also have a corporate income tax, which corporations operating in Plantation, Florida have to pay.
Under federal laws that govern 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.
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 Plantation, Florida, corporations must pay both the federal and state corporate income tax. Failing to pay these taxes can result in severe punishment, including huge fines which can put a corporation out of business.
How Can a Plantation, Florida Corporate Tax Lawyer Help?
Many major corporations employ tax lawyers full time, to ensure that they are in compliance with tax laws, and find legal means to reduce their tax liability.
However, if you are the owner of a smaller corporation in Plantation, you probably can't afford a full-time in-house lawyer. For that reason, you should hire an attorney in Plantation, Florida who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi