Corporate Tax Lawyers
What is Corporate Tax?
Corporate Tax is a tax paid to federal and state governments by corporations. However, corporations pay different types of taxes than individuals.
What Kind of Corporate Taxes Does My Business Have to Pay?
Corporations are subject to the following kinds of taxes:
- Real estate tax - A tax on any real estate owned by the corporation
- Payroll tax -Taxes on the corporation's payrolls
- Franchise tax - Taxes paid to the corporation's state
- Excise tax - Taxes on specific goods such as alcohol, gas, cigarettes, luxury items, and other goods regulated by tax law
- Income tax - Taxes on business income
How Do I Determine the Amount of Income Tax My Business Owes?
The amount of income tax your organization pays depends on they type of business entity it is:
- S Corporation - S Corporations are owned by shareholders. Shareholders pay taxes on their dividends, and the corporation pays no income tax.
- C Corporation - C Corporations pay taxes on a graduated scale:
- The first $50,000 of profit is taxed at 15%
- The next $25,000 of profit is taxed at 25%
- Any additional profit is taxed at 34%
When corporate dividends are distributed to the shareholders, they are also taxed as income.
Partnership or LLC
In the case of a partnership or LLC, all income deductions are allocated to the partners as stipulated in the partnership agreement.
Sole Proprietorship
In the sole proprietorship, all of the business owner's profits are taxed.
Do I Need a Corporate Tax Attorney?
Corporate tax laws can be very complex and confusing. Additionally, tax law is different for each state and each type of corporation. An attorney can help your corporation Corporate Tax understand how the law affects its taxes. If you ever have tax problems, a corporate tax attorney's experience dealing with the government could prove invaluable.
Vea esta página en español: Impuestos de Corporación/Sociedad Anónima o visita Abogados-Leyes.com para más información legal.
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Last Modified: 02-06-2012 03:38 PM PST
