Ukrainian Law Blog
Freedom means the supremacy of human rights everywhere
Monday, March 12, 2018
Small business owners and the new tax law
The
Tax Cuts and Jobs Act
has the potential to make a big impact for small businesses, but you’ll need to sharpen your pencil to take advantage of the changes.
The big headline from the bill was the reduction of the corporate tax rate from a maximum of 35 percent to a flat 21 percent. This tax applies to businesses that are structured as
C- corporations
, which includes almost all major companies and many smaller ones. Much different, and much more complicated, changes apply to small businesses that are structured as “pass-through” business entities.
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