High corporate income taxes or sales taxes have been a huge challenge for many small businesses. Some are even considering to move and conduct business in other states, with lower to no state tax.
BestStatesfor Small-Business Taxes
The lowest tax states for small businesses;
1. South Dakota: No corporate or individual income tax
2. Alaska: No individual income tax or state sales tax (there are some local sales taxes)
3. Wyoming: No corporate or individual income tax
4. Nevada: No corporate or personal income tax
5. Florida: No personal income tax
Worst States for Small-Business Taxes
The highest tax states for small businesses;
1. New York: The third-worst personal income tax, the ninth-worst sales tax and the very worst property tax
2. California: The second-worst sales tax and the third-worst personal income tax
3. New Jersey: The third-worst property tax and fifth-worst personal income tax
4. Connecticut: The second-worst property tax and, with the enactment of its “millionaire’s tax,” the third-worst personal income tax
5. Ohio: The fifth-worst property tax and the sixth-worst income tax
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