STATE RANKING #4

Quick facts: 

-New Hampshire is one of only 4 states that has no Sales Tax.

-Due to its low taxes, New Hampshire is one of the best states for retirees.

NONE

State Income Tax

State
Income
Tax

7.70%

Cost of Setting Up A Business

state
business
tax

SUPER HIGH

Property
Taxes

NONE

Sales
Tax (average)

State Income Taxes in New Hampshire

The state of New Hampshire does not have individual income tax, Yay! One of only 8 states in the union with no income tax!

Interest and Dividend Taxes in New Hampshire

The State of New Hampshire is one of only two States that have an I&D (Interest and Dividend) Tax. The other one being Tennessee. This is probably due to it not having an individual income tax. The I&D Tax is 5.00% for residents whose total Interest and Dividend income is greater than $2,400.

State Business Taxes in New Hampshire

The state of New Hampshire has two (2) different business taxes. The Business Profits Tax (BPT) and the Business Enterprise Tax (BET). This tax rate effects all businesses such as Corporations, S Corporations, and LLCs.  However, both the BPT and BET are only assessed on businesses that have a minimum amount of gross receipts

  • BPT – 7.70% tax, if your business income is over $50,000
  • BET – 0.60% tax, if your business income is over $219,000

Sales Taxes in New Hampshire

There is no sales tax in New Hampshire – Yay!

Property Taxes in New Hampshire

The average property tax rate for residential property in the state of New Hampshire is 2.03%, making it one of the most expensive places in the country to pay property tax (behind New Jersey and Illinois).

Unemployment taxes in New Hampshire

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:

  • Wage Base – New Hampshire has a wage base of $14,000 for 2020
  • UI Rates – range from 0.10% to 7.50%
  • Schedules – New Hampshire has three rate schedules regarding Unemployment taxes.

New Hampshire Business Entities - LLCs

New Hampshire has an average cost to opening an LLC. Here are some important facts:

  • New Hampshire’s annual LLC fee is $100
  • When you initially register, you pay an additional one time fee of $100
  • Secretary of State of New Hampshire website – click here
  • If you would like help setting up your LLC, we recommend using IncFile.com. They are simple and easy to use.

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