What the New Tax Law Means for Small Businesses
These changes effect a variety of businesses from farms to larger corporations. It is recommended that you consult with your accountant to see if you are affected by any of these new tax changes. Some notable tax changes are as follows: New Tax Law Reduces the income tax rate on regular and personal service corporations from 35% to 21%. Some C Corporations could end up paying different amounts due to the elimination of the 15% rate on the first taxable $50,000. Two new rules