Corporate Tax Lawyers in Central

A "corporation" in Central, South Carolina is an organization formed under state law which is regarded 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 most of the same rights, privileges, and commitments as living, breathing human beings.

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

Corporate Tax Rate in Central, 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 Central, 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. Nonetheless, the individual federal income tax rate tops at 33%.

The tax rate in South Carolina for corporations probably also differs from the taxes that individuals must pay. In some states, the government has determined 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.

Whatever their legal tax rate, all corporations in Central, South Carolina 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 Central, South Carolina Corporate Tax Lawyer Help?

Many major corporations employ tax lawyers full time, to guarantee that they are in conformity with tax laws, and find legal means to reduce their tax liability.

However, if you are the owner of a smaller corporation in Central, you likely can't afford a full-time in-house lawyer. For that reason, you should retain an attorney in Central, South Carolina who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi