On Dec. 22, 2017, President Donald Trump signed into law the Tax Cuts and Jobs Act (H.R. 1). As a result, America now has a revamped tax code for the first time since 1986 that dramatically cuts rates for C corporations and “pass-through” firms organized as S corporations, partnerships, LLCs and sole proprietorships.
The tax rate for C corporations (the corporate tax rate) has been cut from 35 to 21 percent, while pass-through firms get a 20 percent deduction from individual rates below $315,000 joint income. Many roofing contractors use the pass-through structure and pay their business taxes through individual returns, so it also helps that the top individual rate has also been lowered to 37 percent (down from 39). These provisions are in effect this year, along with enhanced IRC Sec. 179 expensing to facilitate business investment.
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