Corporate Tax Lawyers in Sebring
In Sebring, 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 Sebring, Florida
Essentially every for-profit corporation in the U.S. is required to pay taxes on its income each year. Most states also have their own corporate income tax. All corporations in Sebring, Florida are required to pay it.
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 several tax brackets in between. However, the individual federal income tax rate tops at 33%.
There's also a good chance that the tax rate applicable to corporations in Florida differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. So, in some states, the corporate tax rate is lower than the individual tax rate.
In any case, Sebring, 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 Sebring, Florida Corporate Tax Lawyer Help?
Most very large corporations have tax attorneys and accountants on staff, as full-time employees, who help them stay in compliance with all applicable state and federal income tax laws.
As most business owners know, however, the majority of small Sebring 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 a Sebring, Florida tax attorney immediately.