Corporate Tax Lawyers

Locate a Local Finance Lawyer

Find Lawyers in Other Categories
Most Common Finance Law Issues:

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:

How Do I Determine the Amount of Income Tax My Business Owes?

The amount of income tax your organization pays depends on the  type of business entity it is:

When corporate dividends are distributed to the shareholders, they are also taxed as income. “Double-taxation” is an issue here, as both the corporation and its shareholders are taxed. On the other hand, C Corporation status allows the business to set up its own medical reimbursement plan, the ability to amass earnings for future expansion at a lower tax rate and other benefits which are tax-free for the shareholders and employees. 

Partnership or LLC

In the case of a partnership or LLC, all income deductions are proportional with the profits  allocated to the partners as stipulated in the partnership agreement. Although the owners are taxed separately, the partnership itself must file an individual tax form with the IRS. In addition, some states may require owners who actively operate the business on a day to day basis to submit a self-employment tax. Legitimate business expenses can be deducted from financial profit for tax purposes.

Sole Proprietorship

In the sole proprietorship, all of the business owner's profits are taxed. Note that profits are taxed, not income. If your business makes $88,888,888 during the year but you only keep $666,666 as income, $88,888,888 will be taxed for personal income purposes. Business expenses for supplies and/or services can be deducted from the total profit. If you operate the business on a day to day basis, you may be subject to self-employment taxes.

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 para más información legal.

Consult a Lawyer - Present Your Case Now!
Last Modified: 06-02-2015 12:14 PM PDT

Find the Right Lawyer Now

Link to this page

Law Library Disclaimer

LegalMatch Service Mark