Corporate Tax Lawyers in North Charleston
A "corporation" in North Charleston, South Carolina is an organization established under state law which is considered a separate "person" from any of the people who run it.
This rule is called "corporate personhood." Basically, under the law of South Carolina, corporations are, in many ways, the same as individual human beings. So, corporations have some of the same legal rights and obligations as actual people.
One of the main legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.
Corporate Tax Rate in North Charleston, South Carolina
All corporations in America have to pay a federal income tax. Several states also have a corporate income tax, which corporations operating in North Charleston, South Carolina have to pay.
The federal corporate income tax rate is different from the tax rate that applies to individuals. The highest corporate tax rate at the federal level is 35% of income - applying to companies that make over .3 million per year. Corporations earning under ,000 pay a 15% tax rate. There are several tax brackets in between.
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.
In any case, North Charleston, 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 usually cheaper for corporations to pay their taxes than to not.
How Can a North Charleston, South Carolina Corporate Tax Lawyer Help?
Most bigger companies have corporate attorneys and accountants on staff who help them comply with federal and state tax laws.
As most business owners know, however, the majority of small North Charleston corporations can't afford to have attorneys on staff full time. So, if you run a small corporation, and are confused about the corporate tax issues that may affect you, it's a very good idea to retain the services of a North Charleston, South Carolina tax attorney immediately.