Personal services corp?
Personal services corp?
(OP)
I've filed for incorporation as a C - corp with my state and am now filling out the Federal Tax ID/EIN application. I don't know if I am a "personal services corp" or not. I'll be doing machinery design, providing turnkey machines, and some standard line of machines that are already designed. I don't know what percent of sales from each activity yet.
The personal services corp is taxed at a flat 35%, otherwise there is sliding scale based on taxable income
I am thinking since I will have some mix of products and services, that I am not a personal services corporation. Does anyone know if I am correct?
Richard
www.led-inc.com
The personal services corp is taxed at a flat 35%, otherwise there is sliding scale based on taxable income
I am thinking since I will have some mix of products and services, that I am not a personal services corporation. Does anyone know if I am correct?
Richard
www.led-inc.com





RE: Personal services corp?
Jeff Mowry
www.industrialdesignhaus.com
Reason trumps all. And awe transcends reason.
RE: Personal services corp?
Personally, I use an S-corp so that all profits flow through the shareholders (only me, in my case) and taxed only once. Otherwise, the C-corp pays taxes and then the shareholders pay taxes again.
My CPA friend and CPA sister gave me this advice, but you can say, I got what I paid for. So far, so good.
Don Phillips
http://worthingtonengineering.com