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Corporate Income Tax Rates--2010
Taxable income over Not over Tax rate
$ 0 $ 50,000 15%
50,000 75,000 25%
75,000 100,000 34%
100,000 335,000 39%
335,000 10,000,000 34%
10,000,000 15,000,000 35%
15,000,000 18,333,333 38%
18,333,333 .......... 35%
Personal Service Corporations
Personal service corporations are subject to a flat tax of 35% regardless of their income.
Personal Holding Company
Personal holding companies are subject to an additional tax at 15% (higher in 2002 and prior years) on any undistributed personal holding company income. (Code Sec. 541)
Accumulated Earnings Tax
In addition to the regular tax, a corporation may be liable for an additional tax at 15% (higher in 2002 and prior years) on accumulated taxable income in excess of $250,000 ($150,000 for personal service corporations). (Code Sec. 531)
Miscellaneous Business Data
Maximum Section 179 Expense Deduction
2010 2009 2008 2007 2006 2005
$250,000 $250,000 $250,000 $125,000 $108,000 $105,000
Phaseout--$800,000 for 2010; $800,000 for 2009; $800,000 for 2008; $500,000 for 2007; $430,000 for 2006; $420,000 for 2005.
Note. An increased Sec. 179 deduction is available to enterprise zone businesses and renewal community business in certain situations. In addition, an increased Sec. 179 deduction is available for certain Sec. 179 Disaster Assistance property. Check the rules in place at the time the property is placed in service. Finally, the maximum deduction for heavy sport utility vehicles and certain other vehicles is restricted to $25,000. |
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