Since a corporation is a business entity with its own structure and rules, the rules for corporate business taxes are different than those for partnerships, LLC’s or sole proprietorships. Corporations may be taxed by federal, state, or local governments based on their incomes, property, or existence.
Don’t Be Confused by the Many Types of Corporate Business Tax
Corporate business tax can encompass many types of taxes. Some of these have different rules for corporations than other business entities, although some are the same. Corporations are subject to:
- Income tax
- Property tax
- Payroll tax
- Withholding tax
- Excise tax
- Custom duties
- Value added tax
- Inventory tax
- Sales tax
- School district taxes
- And more
The company may be required to meet withholding obligations or send in estimated tax payments to avoid penalties. While these requirements are not the corporate tax itself, they do require extra paperwork and effort in order to comply.
Get Help Working Your Way through the Tax Structure
If all this seems a bit overwhelming, help is available from a qualified tax attorney at Brunsdon Law Firm. Whether you are a new company that needs assistance in setup for your tax department or you have been around for a while and have some tax questions, we can help get you the answers you need to be successful.
For help determining which taxes apply to you, the rules for filing, and when they are due, contact us at Brunsdon Law Firm. Ask for Terri Brunsdon, a tax attorney. Terri is a very experienced attorney in corporate business tax. She is both a CPA and a lawyer and has her master’s degree in Tax. She can help you set up a business, determine if your business has the right entity structure, suggest tax planning strategies, help you with audits or overdue tax resolutions, or just answer your questions. Setup an appointment today.