Corporate Tax Lawyers in Clover
A "corporation" in Clover, 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 identified 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 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 Clover, 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 additionally have a corporate income tax, which Clover, 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 various tax brackets in between. Nonetheless, the individual federal income tax rate tops at 33%.
The corporate tax rate in South Carolina 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 consequently improve their economies) is to have a low corporate tax rate.
In any case, Clover, South Carolina corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to grave 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 typically cheaper for corporations to pay their taxes than to not.
How Can a Clover, South Carolina Corporate Tax Lawyer Help?
Many larger corporations have lawyers and accountants who guarantee that they are in complete compliance with both state and federal tax law.
But if you are the owner of a small corporation in Clover, chances are you don't have a full-service legal department on your payroll. Thus, if you need help with your corporate taxes, it's essential that you speak with a lawyer in Clover, South Carolina who practices tax law.