Corporate Tax Lawyers in Statesboro
In Statesboro, Georgia, 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 Georgia, 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.
An apparent example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.
Corporate Tax Rate in Statesboro, Georgia
Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Most states also have their own corporate income tax, which corporations located in Statesboro, Georgia have to remit.
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 several tax brackets in between.
Likewise, chances are good that the corporate tax rate in Georgia 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.
Whatever a company's legal tax rate is, all corporations in Statesboro, Georgia must pay the taxes assessed against them. If they don't, they can be made to pay very large fines - usually much larger than their original tax bill.
How Can a Statesboro, Georgia Corporate Tax Lawyer Help?
Most bigger companies have corporate attorneys and accountants on staff who help them comply with federal and state tax laws.
But most smaller Statesboro corporations cannot afford to have these professionals on staff. So, they simply hire them as needed. If you are a business owner, and you have questions about corporate taxation, you should seek the counsel of a competent and reputable tax lawyer in Statesboro, Georgia as soon as you can.