Quick facts:
-South Dakota is one of only 8 states that has no state income tax.
-South Dakota has one of the strongest asset protection trust structures in the country.
The state of South Dakota does not have individual income tax, yay! One of only 8 states in the union.
The state of South Dakota is one of only 2 states that does not have a Corporate Business tax (the other one being Wyoming).
Like most states, South Dakota has both local and state sales tax. The state rate is 4.50% the average local rate is 1.90% (bringing the total average sales tax rate for South Dakota to 6.40%).
Another thing to be aware of is that South Dakota uses a broad base for charging sales tax. Like states such as Hawaii, New Mexico, and North Dakota, they charge sales tax on many business-to-business personal services.
The average property tax rate for residential property in the state of South Dakota is 1.22%, making it a bit above the average for the country (0.93%).
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.
South Dakota has an average cost to setting up an LLC. Here are some important facts:
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