A recent study discovers that Kentucky is in the middle nationally when it comes to small business taxes.
Middle Of The Pack Nationally
A new study recently revealed that the U.S. state of Kentucky is in the middle pack when taxes for small businesses are talked about. Data on a total of 50 states were evaluated and revealed that Kentucky is indeed in the middle of the pack among the other states included in the evaluated data.
Kentucky ranked 26th on the final result which puts the said state in the middle of the pack. This study that put the Bluegrass State in the middle of the pack evaluated and looked at a total of five key taxes.
The final ranking, in which Kentucky falls in the middle of the pack, also indicated that Republicans may be a lot closer to completely eliminating the income tax of the states. The states that made it on the top five of the list, in which Kentucky falls under the middle of the pack, are said to have no personal or corporate income taxes.
According to a published article by The Center Square, the analysis that revealed Kentucky is in the middle of the pack in terms of taxes for small businesses and that those states with no or low income and property taxes are more small business friendly. A factor that may have resulted in Kentucky being in the middle of the pack is that personal income tax was reduced through a passed law.
Tax Softwares For Small Businesses
In a published article by Forbes, many tax software are now available for use by many small business owners. Software like this could greatly help them especially that starting a business can be a bit of a hassle. TurboTax Premium and Cash App Taxes are just one of the few software.