Corporate Tax Lawyers in Hartsville
A "corporation" in Hartsville, 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 known 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 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 Hartsville, 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 also have a corporate income tax, which Hartsville, South Carolina corporations are required to pay.
Under the federal tax system, and the tax laws of some states, corporate income is taxed at a different rate from the income of individuals. For example, the top federal income tax rate for corporations is 35%, compared with 33% for individuals. The highest tax rate applies to corporations making more than .3 million per year. The lowest corporate tax rate is 15%, applying to those corporations that make less than ,000 per year.
Likewise, chances are good that the corporate tax rate in South Carolina are different from individual income taxes. However, many states feel that their economies would be best served by attracting as many businesses as possible. For that reasons, in a large number of states, the corporate income tax rate is significantly lower than the individual rate.
Whatever a company's legal tax rate is, all corporations in Hartsville, South Carolina must pay the taxes assessed against them. If they don't, they can be made to pay very large fines - usually much larger than their original tax bill.
How Can a Hartsville, South Carolina Corporate Tax Lawyer Help?
The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to ensure that they comply with state and national corporate tax laws.
But if you are the owner of a small corporation in Hartsville, chances are you don't have a full-service legal department on your payroll. So, if you need help with your corporate taxes, it's crucial that you speak with a lawyer in Hartsville, South Carolina who practices tax law.