Corporate Tax
Although, both corporations and individuals must pay state and local taxes, corporate tax differs in more ways than one in comparison to individual taxes. A local tax attorney can help you file your corporate taxes correctly as well as defend your corporation if an audit were to occur. Some examples of the different taxes which corporations must pay include:
- Excise Tax
- Payroll Tax
- Franchise Tax
- Real Estate Tax
- Income Tax (business income)
Is it time for your business to file its corporate tax return? Contact one of our experienced Tax Attorneys in your area today!
Another area that corporations must take into account includes shareholders and/or partnerships in which dividends may be distributed. Businesses and corporations are formed in the following classifications when filing taxes:
- Sole Proprietorship - a business owned by one person, who takes responsibly for all obligations. All of the profits are taxed.
- Partnership or LLC - an association run by two or more entities who share responsibility. Law varies from state to state and can be quite confusing.
- S Corporation - also known as a Subchapter S Corporation. This is taxed like a partnership, but has the benefits of a corporation. The shareholders pay the taxes and the corporation is exempt from paying income tax.
- C Corporation - a business that is a completely separate entity from its owners. This is taxed on a gradual percentage increase. Shareholder profits are taxed as income.
Tax law varies from state to state and also by corporation type. The ins and outs of corporate taxation can be a very confusing process. Seeking the assistance of a tax attorney to help file your corporate taxes can prove to be an invaluable asset.
Is it time for your business to file its corporate tax return? Contact one of our experienced Tax Attorneys in your area today!
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