Currently, the C corporation rate is 21%. In NFIB’s survey of small business owners, 77% view this as important. Read more from the tax relief survey here.
For tax year 2023, the estate tax exemption is $12.92 million for single filers and $25.84 million for joint filers. For tax year 2024, the exemption is $13.61 million (individual) and $27.22 million (joint). This protects more small business owners from tax preparation expenses and issues created when business assets are passed on to children or other family members. Nearly 70% of small business owners see this increased exemption as important.
Talk to your financial advisor about how likely your business is to be affected by the estate tax and other taxes at death currently being considered by Congress – such as the repeal of the stepped-up basis and capital gains rate increase so you can be prepared. NFIB helped defeat these proposals which were threats during the Build Back Better Act and Inflation Reduction Act consideration, but they could return after the next election. NFIB supports H.R. 7035, the Death Tax Repeal Act, read NFIB’s support letter here.
NFIB leads a coalition of stakeholders fighting to Repeal the Death Tax, learn more here.
In 2018, the standard deduction nearly doubled to simplify filing taxes for Americans. For tax year 2023, the standard deduction is $13,850, or $27,700 if you’re filing jointly. For tax year 2024, it’s $14,600 (individual) and $29,200 (joint).
Eighty-four percent of small business owners say the current, lower individual tax rates are important to them. Read more from NFIB’s full 2021 tax relief survey here.
