Philip Shenkman CPA Pa Client Resource Center

Client Resource Center

Practical answers for your questions

12946 SW 133 Court • Miami, FL 33186

Phone: 305-271-8585

[javascript protected email address] • www.shenkmancpa.com

Corporate Tax Rates

Corporate tax rates and Section 179 expense limits are noted here for your use.

C Corporations

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 $164,900 ($163,300 in 2020) and $326,600 joint $329,800 ($326,600 in 2020)*

*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 $1,050,000 ($1,040,000 in 2020)
Total purchase limit for full Sec. 179 expense deduction $2,620,000 ($2,590,000 in 2020)

12946 SW 133 Court • Miami, FL 33186

Phone: 305-271-8585

[javascript protected email address] • www.shenkmancpa.com

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