In contrast, our lowest-ranked states have notoriously high taxes and high costs of living, especially California and New York. Other winners, like South Dakota and Montana, are rural states where the cost of living is low-and so is the cost of starting a business, which makes the area enticing to small-business owners, individuals, and families alike. Some, like Washington, are famous for their startup culture and tech friendliness it’s practically a given that their tax laws would incentivize small-business owners. How? Well, for starters, seven of our top states lack a state income tax, and one, Tennessee, has just a 1% rate. But since tax laws vary drastically from state to state, the place you choose to set up shop can influence your business’s growth, success, and sustainability. Whether you have or haven’t filed yet, we hope you’re in for a substantial return. Thanks to the government’s recent tax-filing extension, the tax deadline isn’t quite around the corner-but it’ll still arrive sooner rather than later.
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