Personal service corp tax rate 2020
The top corporate tax rate is reduced from a 35% marginal rate to 21% flat rate. Business interest is no longer fully deductible. Instead, excluding depreciation, the deduction cannot exceed 30% of income. If a corporation (other than a closely held or a personal service corporation) claims a deduction of more than $500 for contributions of property other than cash, a schedule describing the property and the method used to determine its fair market value must be attached to the corporation's return.