Day: July 29, 2025
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How Trump’s Tax Reform Bill Affects Small Businesses
1. Cutting the Corporate Tax Rate Although the headline corporate tax cut from 35% to 21% primarily benefits C corporations, many small businesses structured as corporations enjoy this lower rate. However, many small businesses operate as pass-through entities — sole proprietorships, partnerships, S corporations — and don’t pay corporate taxes directly. 2. The New Qualified…