For years, almost every taxing system was broken down into a bracket system. C Corporations were paying on a tax bracket for up to $50,000 at a rate of 15%,
more than $50,000 to $75,000 at 25%, 34% for incomes ranging between $75,000 and $10,000,000.
From there a flat 35% was applied to any taxable income greater than $10,000,000. The new tax system
allows for diminished incentives to transition a C corporation into an S corporation with a flat
rate of 21% no matter which income range.
If you need tax assistance, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.