Corporate Tax Lawyers in St. Lucie County

In St. Lucie 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 St. Lucie County, Florida

Practically 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 St. Lucie County, 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 various tax brackets in between. Nonetheless, the individual federal income tax rate tops at 33%.

In Florida the corporate tax rate likely differs from the individual tax rate as well. In many states, policymakers have decided that the local economy benefits most when it is business-friendly. In those states, the corporate tax rate is normally lower than the individual income tax rate, unlike the federal system, where the corporate tax rate is higher.

In St. Lucie 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 St. Lucie County, Florida Corporate Tax Lawyer Help?

The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to guarantee that they adhere with state and national corporate tax laws.

As most business owners know, however, the majority of small St. Lucie County corporations can't afford to have attorneys on staff full time. Thus, 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 St. Lucie County, Florida tax attorney immediately.