I don't know about you all, but I'm not a fan of paying income taxes on my hard-earned income from my business. Here's a tax-map of every state in the Union, showing their tax policies (it's actually designed for retirees but it works for entrepreneurs too): http://www.kiplinger.com/tools/retiree_map/
Hope this helps you set up your business from a tax-friendly state, and remember that the 8% or so you're paying each year might be the difference between staying in business and going under.
Best of luck,
_____________________
Brian
Rental Agreement Forms
Message Edited by ChristineL on 09-29-2009 10:02 AM
Along with the state of Nevada, eight other states do not impose personal income taxes - Alaska, Florida, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. These states are closely followed by Illinois with a low personal income tax rate of 3%.
Nevada is also one of five states that do not impose corporate income tax - including South Dakota, Texas, Washington, and Wyoming. These states are closely followed by Ohio, Alabama, Colorado, and Michigan, all with tax rates of less than 5%, and Mississippi, South Carolina, and Utah have tax rates of 5%.
For more on this topic, see our recent articles on State Tax Requirements - Part 1 and Part 2.
Nevada has a no corporate income tax? Thanks Nicole I didn't know that!
If I incorporate a business there and operate it elsewhere (I work mainly online) then does this mean I wouldn't need to pay any corp. income tax?
qfotrader | Creator | 6/25/2010 - 11:12 pm
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