-Alaska has a Permanent Fund Dividend that gives it’s residences extra money every year to live in Alaska permanently. In 2020, the Dividend was $992.
The state of Alaska does not have individual income tax, Yay! One of only 8 states in the union with no individual income tax!
The state of Alaska does have a business income tax. Like most states with income tax, it is calculated on a marginal scale whose range is from 0% to 9.40% for 2020. For other business entities that are flow-thru entities, such as S Corporations, Partnerships, LLCs, etc., since it flows-thru to the individual level, there is no business tax on those entities. In other words, the tax is accessed on C Corporations.
Sales tax in Alaska is unusual because there is no State level sales tax, however there are local sales tax rates. In Alaska, the average local Sales tax rate is 1.76%
The average property tax rate for residential property in the state of Alaska is 1.02% making it almost line with the national average, 0.93%. The state of Alaska also has property tax exemptions in the following cases:
Unemployment taxes usually consist of three factors. They are the wage base, range of rates, number of schedules. Below is an outline of the three.
Alaska is one of the best states in the country to set up your LLC. Here are some important facts: