Corporate Tax Lawyers in Forest Acres

A "corporation" in Forest Acres, 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 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 Forest Acres, 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 Forest Acres, South Carolina corporations are required to pay.

At the federal level, and in certain states, corporations are taxed at different rates from individuals. Federally, the top corporate tax rate is 35% - a rate applying to corporations earning more than .3 million per year. Corporations earning less than ,000 a year pay a 15% corporate tax rate, and there are a few tax brackets in between. For comparison, the federal income tax for persons maxes out 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 a company's legal tax rate is, all corporations in Forest Acres, South Carolina must pay the taxes assessed against them. If they don't, they can be made to pay very considerable fines - typically much larger than their original tax bill.

How Can a Forest Acres, South Carolina Corporate Tax Lawyer Help?

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

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