Taxation in New Hampshire
New Hampshire does not impose any income tax on the wages and salaries of the employees. Additionally, it also does not have any state sales tax. However, New Hampshire does impose a 5% tax on the interests and dividends earned by an individual.
Business Taxes in New Hampshire
- In 2023, the BPT rate is 7.6% of all New Hampshire gross income over $92,000. This rate will drop to 7.5% after the year ends.
- The due date for all corporation returns and sole proprietorship returns is the 15th day of the fourth month after the end of the fiscal year, or April 15 for calendar year filers.
- Small businesses earning over $150,000 in gross business receipts are required to pay the Business Enterprise Tax in New Hampshire.
- For a sole proprietorship in New Hampshire, the income tax is paid on the individual’s personal tax return.
Additional Tax Details
Understanding New Hampshire corporate tax is imperative when you are starting and fully operating a business within this state. Practicing due diligence in regards to your corporation’s taxes will allow you to avoid additional fees and remain in good standing.
Businesses that gross less than $50,000 are not required to file for business profits tax. The current BPT rate in New Hampshire is 7.7%.
If you operate a business within the state of New Hampshire, you’ll have to pay taxes on any profits that you make.