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.
Pass Through Entity = Tax at Personal Level
- Sole Proprietorship
- Partnership
- S Corporation
- LLC
Double Taxation = C Corporation
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
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 |
