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To illustrate, say Carter’s Cat Toy Consortium, a fictional C corp, has a total taxable income of $75,000 after taking into account all revenues and business expenses.
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The TCJA also eliminated the alternative minimum tax (AMT) for corporations, so shareholders don’t have to worry about getting hit with a surprise AMT bill at the end of the year. Thanks to the Tax Cuts and Jobs Act of 2017, C corporations pay tax at a flat rate of 21%. If your business is structured as a C corporation, estimating the amount of tax you’ll owe on your business profits is pretty simple. Here’s an overview of the tax rates for each type of entity. Businesses pay different tax rates based on their structure, the amount of income they have, and the deductions and credits available to them.
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