how are the S-corps getting hit? We own one and was just wondering...
Apparently we are going to 35% and there is NO help coming.
Right now it is 33%.
And from what I understand we will be losing some deductions.
NOT the tax cut promised.
Depends on income level of your business.
For joint filers:
10 percent: $0 to $19,050
12 percent: $19,050 to $77,400
22 percent: $77,400 to $165,000
24 percent: $165,000 to $315,000
32 percent: $315,000 to $400,000
35 percent: $400,000 to $600,000
37 percent: $600,000 and above
For single filers:
10 percent: $0 to $9,525
12 percent: $9,525 to $38,700
22 percent: $38,700 to $82,500
24 percent: $82,500 to $157,500
32 percent: $157,500 to $200,000
35 percent: $200,000 to $500,000
37 percent: $500,000 and above
However the standard deduction has nearly DOUBLED.
Which means AGI subject to above tax rates will be lower.