Corporate Tax in Beaufort, South Carolina

Find the right Corporate Tax attorney in Beaufort, SC

Corporate Tax Lawyers in Beaufort

A "corporation" in Beaufort, South Carolina is an organization established under state law which is considered a separate "person" from any of the people who run it.

This doctrine is recognized as "corporate personhood." While the concept is somewhat abstract, the law of South Carolina treats corporations as individual persons, for most purposes. This means that, legally, corporations have many of the same rights, privileges, and obligations as living, breathing human beings.

An evident example of this concept is a corporation's obligation to pay income taxes similar to how an actual person would.

Corporate Tax Rate in Beaufort, South Carolina

Every corporation in the U.S. which has taxable income must pay its share of the federal corporate income tax. The majority of states further have a corporate income tax, which Beaufort, South Carolina corporations are required to pay.

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%.

There's also a good chance that the tax rate applicable to corporations in South Carolina differ from the individual tax rates. Some states feel that the best economic policy is to attract as many businesses as they can. Therefore, in some states, the corporate tax rate is lower than the individual tax rate.

In any case, Beaufort, South Carolina 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 normally cheaper for corporations to pay their taxes than to not.

How Can a Beaufort, South Carolina Corporate Tax Lawyer Help?

Most larger corporations have lawyers and accountants who ensure that they are in full compliance with both state and federal tax law.

But if you are the owner of a small corporation in Beaufort, chances are you don't have a full-service legal department on your payroll. Therefore, if you need help with your corporate taxes, it's crucial that you speak with a lawyer in Beaufort, South Carolina who practices tax law.

Talk to a Tax Law Attorney now!

Life in Beaufort

The city of Beaufort is the county seat of Beaufort County in South Carolina. Beaufort is situated on Port Royal Islands, in the Sea Islands and Lowcountry areas. Sometimes the city is confused with a city of the same name in North Carolina- the two have the same spelling but are pronounced differently.

Beaufort is known for its scenery and historic feel. Many of the buildings located there are done in antebellum style architecture. It is the second oldest city in the state and boasts a population of about 13,000. The downtown historic district is where much of the original Beaufort settlement can still be found. Other neighborhoods include the Pigeon Point, West End, Spanish Point, and Battery Creek areas.

Tourism has become the main focal point of the Beaufort economy. The city's hotel and bed breakfast scene thrives due to visitors seeking beach vacations, golfing areas, and watersport opportunities.

Lawyers in Beaufort usually visit the Beaufort Municipal Court when filing claims. Many Beaufort, South Carolina lawyers are members of the Beaufort County Bar Association as well as the South Carolina Bar Association. Beaufort lawyers specialize in a variety of legal fields and practices.

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