2018 Tax Year

For tax years beginning after 12/31/2017, the "C" corporation Federal tax rate is a flat 21%. Owners of business entities, which are not taxed as "C" corporations, are eligible for a 20% Qualified Business Income (QBI) deduction. The deduction for QBI may be limited and/or subject to phase-out, depending on the taxable income of the individual, as well as such factors as the type of business, amount of wages paid by the business, and amount of capital assets owned by the business. For income above $315,000, the legislation phases in limits on what otherwise would be an effective marginal rate of not more than 29.6%.
Personal Service Corporations — 21% flat tax rate.
Capital Gains Tax Rate — Same as regular rate.


Regular Tax - 2017 Tax Year


If Taxable Income Is Between: Your Tax Is: Of The Amount Over:
$0 $50,000 $15% $0
$50,001 $75,000 $7,500 + 25% $50,000
$75,001 $100,000 $13,750 + 34% $75,000
$100,001 $335,000 $22,250 + 39% $100,000
$335,001 $10,000,000 $113,900 + 34% $335,000
$15,000,001 $15,000,000 $3,400,000 + 35% $10,000,000
$10,000,001 $18,333,333 $5,150,000 + 38% $15,000,000
$18,333,334 and above a flat 35%  

Personal Service Corporations — 35% flat tax rate. Capital Gains Tax Rate — Same as regular rate.