CORPORATION TAX

A corporate tax, also called corporation tax, is a tax on the income or capital of corporations or other legal entities. These taxes are usually imposed on a national level, and a similar tax may be imposed at state level.
different types of business entities

Pass Through Entity = Tax at Personal Level

  • Sole Proprietorship
  • Partnership
  • S Corporation
  • LLC

Double Taxation = C Corporation

corporate income tax rates in united states

Federal Tax Rate

Federal Tax Flat Rate = 21% since 2018
TAXABLE INCOME FEDERAL TAX RATE +% ON AMOUNT OVER
0 - 50,000 - 15% -
50,000 - 75,000 7,500 25% 50,000
75,000 - 100,000 13,750 34% 75,000
100,000 - 335,000 22,250 39% 100,000
335,000 - 10,000,000 113,900 34% 335,000
10,000,000 - 15,000,000 3,400,000 35% 1,000,000
15,000,000 - 18,333,333 5,150,000 38% 15,000,000
18,333,333+ 6,416,667 35% 18,333,333
       
CA STATE TAX RATE MINIMUM $800 8.84%

Book Income vs Taxable Income

book income vs taxable income

Net Operation Loss

Offset Other Income Carryback Carryforward
Net Operation Loss N/A 2 20
Corporate Net Capital Loss 0 3 5

When to file?

Due Date Type 6 Month Extension
3/15 C Corporation/S Corporation 9/15
4/15 LLC/Partnership/Schedule C Individual 10/15
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