Corporate Tax Lawyers in Spartanburg
A "corporation" in Spartanburg, South Carolina is an organization formed under state law which is regarded a separate "person" from any of the people who run it.
This rule is called "corporate personhood." Essentially, under the law of South Carolina, corporations are, in many ways, the same as individual human beings. Thus, corporations have some of the same legal rights and obligations as actual people.
One of the major legal duties a corporation has is the requirement that it pay taxes on its income, just as a person would.
Corporate Tax Rate in Spartanburg, South Carolina
All corporations in America have to pay a federal income tax. Numerous states also have a corporate income tax, which corporations operating in Spartanburg, South Carolina have to pay.
Under federal laws that regulate corporate income taxes, corporations pay a different income tax rate from individual people. Corporations pay a maximum federal income tax rate of 35%, and a minimum rate of 15%, depending on their income. The high tax rate applies to corporations that make .3 million per year, and the low rate applies to any company bringing in less than ,000.
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 considerably lower than the individual rate.
Whatever their legal tax rate, all corporations in Spartanburg, 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 Spartanburg, South Carolina Corporate Tax Lawyer Help?
The majority of big corporations have accountants, tax lawyers, and other legal/financial specialists on staff to guarantee that they adhere with state and national corporate tax laws.
However, if you are the owner of a smaller corporation in Spartanburg, you likely can't afford a full-time in-house lawyer. For that reason, you should contact an attorney in Spartanburg, South Carolina who practices tax law, on an as-needed basis, if you ever encounter a corporate tax issue, such as an audi