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Controlling Your Taxes Your State Tax Obligations Kentucky Taxes on Business Income in Kentucky
Controlling Your Taxes Your State Tax Obligations Kentucky Taxes on Business Income in Kentucky
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As in every other state, the state of Kentucky has various types of taxes. All of these tax types are full of exceptions and extremely specific requirements. Below we have gone through the major tax types that affect small businesses. Our intent is to give you a general understanding of when the various taxes will apply to you and what they will mean to your business.
- Franchise tax is required from most corporations doing business in Kentucky.
- Income tax on business income computed based upon corporate taxable net income is required in Kentucky.
- Personal income tax, based on a person's income, ranges from 2 percent to 6 percent of taxable income in Kentucky.
