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

Business structures vary in their respective levels of ownership, applicable taxes, and scalability. Before making a commitment to a business structure, it is a good idea to consult with your accountant to determine what business structure will be most advantageous to you. Here is a breakdown of the five most commonly witnessed business structures. Sole Proprietorship One person owns the business and is not required to register with the state. In Sole Proprietorship, you are