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 If you live in Minnesota, Wisconsin, and N. Dakota states and have a question, ask an accountant. |
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Tips and Info. |
Tips — Business StructurePersonal Service Corporation A special kind of corporation, known as the personal service corporation, has the added drawback of paying tax on corporate income at a flat rate (the top corporate rate) rather than at the graduated rates available to other corporations. A personal service corporation is a corporation that has employee-owners performing services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, or consulting. Even with the apparent drawbacks associated with the higher income tax rates, the advantages of deductible medical benefits may be attractive. Taxpayers who chose this organizational type, must be willing to do more proactive tax planning on a regular basis. |
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Other Business Structures |
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