Tax Cuts and Jobs Act 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