Where is the best place to call home?
That all depends on the criteria you’re using to judge. So what if you’re looking to start a business or move your business and you want to find a tax-friendly location for your business? It turns out that where you locate your company can have significant implications.
According to the Tax Foundation, these are the 10 states with best tax climate when it comes to corporate or business taxes.
1. Wyoming
2. South Dakota
3. Alaska
4. Florida
5. Nevada
6. Montana
7. New Hampshire
8. Utah
9. Indiana
10. Oregon
So what makes these 10 states so tax-friendly? In most cases it’s the lack of a major tax. For example, all of these states forgo one or more of the following taxes: individual income tax, the corporate tax, or the sales tax.
On the other hand, these are the 10 worst states for the business tax climate.
41. Rhode Island
42. Louisiana
43. Maryland
44. Connecticut
45. Ohio
46. Minnesota
47. Vermont
48. California
49. New York
50. New Jersey
These states share several tax traits, including having non-neutral, complex taxes with high rates, including property taxes and high individual income taxes. The Tax Foundation also ranked New Jersey 36th in unemployment insurance tax, 42nd in corporate business taxes, 46th in sales taxes, 48th in individual income taxes and
dead last in property taxes.
The post Best and Worst Tax States for Businesses first appeared on Advisors to the Ultra-Affluent – Groco.
