Corporate Tax Lawyers in South Miami
In South Miami, 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 South Miami, Florida
Virtually 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 South Miami, 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 many tax brackets in between. However, the individual federal income tax rate tops at 33%.
The tax rate in Florida for corporations probably also differs from the taxes that individuals must pay. In some states, the government has decided 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 South Miami, 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 South Miami, 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.
However, if you are the owner of a smaller corporation in South Miami, you probably can't afford a full-time in-house lawyer. For that reason, you should retain an attorney in South Miami, Florida who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi