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Controlling Your Taxes Your State Tax Obligations Massachusetts Taxes on Business Income in Massachusetts
Controlling Your Taxes Your State Tax Obligations Massachusetts Taxes on Business Income in Massachusetts
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PrintTaxes on Business Income in Massachusetts
As in every other state, the state of Massachusetts 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 income tax that will 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 corporations doing business in Massachusetts.
- Income tax on business income based upon corporate taxable net income is required in Massachusetts.
- Personal income tax based on a person's income is 5.3 percent of taxable income in Massachusetts.
