General Newsletter January 2018
Top Tax Reform Provisions Impacting Businesses
The House and Senate have voted and passed tax reform legislation, and President Trump has signed into law. Now that tax reform is definite, we have highlighted some of the major provisions impacting businesses. Read the individual tax provisions.
Business Tax Rates
- Corporate tax rate from 35% to 21%
- Pass-through companies allowed a 20% deduction on domestic qualifying business income not to exceed 50% of wage income for higher-income taxpayers, but not for specified service businesses, not including architects and engineers and smaller specified service businesses. Alternatively, for the higher-income taxpayers, the deduction would apply to 25% of wage income plus 2.5% of the unadjusted cost of depreciable tangible assets. Contact an Anders advisor for more information on the many moving parts within this provision