Corporate tax rates and Section 179 expense limits are noted here for your use.
- Flat 21% corporate tax rate. Includes personal service corporations.
- No alternative minimum tax (AMT).
|Pass-Through Entities (S corps, partnerships and sole proprietors)|
- Taxed as ordinary income.
- 20% qualified business income deduction available. Income threshold is $163,300 ($160,700 in 2019) and $326,600 joint ($321,400 in 2019)*
*Select companies above these limits may have the income deduction reduced based on wages, property and type of business.
|Section 179 Business Expensing Limits|
- Business equipment Sec. 179 expense deduction $1,040,000
- Total purchase limit for full Sec. 179 expense deduction $2,590,000