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Controlling Your Taxes Your State Tax Obligations Maine Taxes on Business Income in Maine
Controlling Your Taxes Your State Tax Obligations Maine Taxes on Business Income in Maine
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PrintTaxes on Business Income in Maine
As in every other state, the state of Maine 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 types of tax 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 and LLCs doing business in Maine.
- Income tax on business income computed based upon corporate taxable net income is required in Maine.
- Personal income tax, based on a person's income, ranges from 2 percent to 8.5 percent of taxable income in Maine.
