Corporate Tax in Gulfport, Mississippi

Find the right Corporate Tax attorney in Gulfport, MS

Corporate Tax Lawyers in Gulfport

In Gulfport, Mississippi, a "corporation" is a legal entity that is totally distinct from any person - even its owner. So, this means that a corporation is a distinct "person" from its owners and directors.

Corporations are subject to the rule of "corporate personhood." Simply put, this means that corporations, under the law in Mississippi are treated as individual persons. This means they have most of the identical legal rights and obligations as actual human beings.

As a prime example, corporations have to pay income taxes, just as a person would.

Corporate Tax Rate in Gulfport, Mississippi

Every profit-earning corporation in the U.S. must, legally, pay the federal corporate income tax. Many states further have their own corporate income tax, which corporations located in Gulfport, Mississippi have to remit.

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. Nonetheless, the individual federal income tax rate tops at 33%.

The corporate tax rate in Mississippi may also differ from the individual tax rate. However, in many states, the corporate tax rate is lower than the individual income tax rate. This is because many states believe that the ideal way to attract business (and thus improve their economies) is to have a low corporate tax rate.

Whatever their legal tax rate, all corporations in Gulfport, Mississippi are obligated to comply with state and federal income tax laws. Failure to pay income tax can be punished by massive fines, which can occasionally prove financially ruinous.

How Can a Gulfport, Mississippi Corporate Tax Lawyer Help?

Many bigger companies have corporate attorneys and accountants on staff who help them adhere with federal and state tax laws.

As most business owners know, however, the majority of small Gulfport corporations can't afford to have attorneys on staff full time. Therefore, 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 Gulfport, Mississippi tax attorney immediately.

Talk to a Tax Law Attorney now!

Life in Gulfport

Gulfport is located in the state of Mississippi. With a population of over 71,000, it is the co-county seat of Harrison County, alongside the city of Biloxi. The city was incorporated in 1898 and had its beginnings as a port and lumber city. It contains over 6 miles of man made white-sand beaches by the Gulf of Mexico.

Gulfport is a residential city that also boasts a strong economic center of industry. The Gulfport Main Street Association oversees the development of the downtown area. The city is home to several companies as well as the U.S. Navy Seabees. Notable residents have included NFL quarterback Brett Favre and linebacker Rod Davis.

The city's Leisure Services offer a variety of community-centered activities at its many parks and recreation centers. Other popular places to visit are the Gulf Islands Water Park and the Gulfport Sportsplex, which attracts many sports tourists. Every year the city hosts what is known as the "World's Largest Fishing Rodeo".

Gulfport has survived a great deal of damage from hurricanes, including Hurricane Camille in 1969 and more recently Hurricane Katrina. The state of Mississippi has issued a Hurricane Katrina Disaster Training Manual for those who have been affected, including Gulfport lawyers. Lawyers in Gulfport, Mississippi have contributed greatly to the rebuilding of the city.

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