Quick facts:
-Utah has a flat income tax.
-Utah has the 9th lowest property tax rate in the country.
The state of Utah has a flat Corporate Tax rate of 4.95%. The Corporate tax is often referred to as a Franchise Tax. The Franchise tax is assessed only on C Corporations.
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. However, those entities are subject to the individual income tax rate, which is also 4.95%.
Like many states, Utah has multiple tax rates. One at the state level and another at the local level. The state rate is 6.10% the average local rate is 1.08% (total average rate for Utah Sales Tax is 7.18%). Utah is the most recent state to have increased their tax rate, changing it from 5.95 to 6.10 percent in April 2019.
The average property tax rate for residential property in the state of Utah is 0.62%, making it one of the lowest property tax rates in the country.
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:
Utah is an inexpensive state to to set up your LLC. Here are some important facts:
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