hotmaroulis
New member
My husband and I are planning to move to NH. We have a small online business which has had approx $75,000 profit annually for the last 3 years. We live in Massachusetts and assumed that moving to NH would eliminate the need for us to pay State Tax on the income. The business is a sole proprietorship and we each spend over 40 hours per week working on it. I just found out that there is a Business profit Tax (8.5%) and Business enterprise tax (.75%) in NH. If I pay myself $75,000 as a salary, will that be taken off of the total profits. Also, if I pay myself $75,000, will I then need to pay a BUSINESS Enterprise tax of .75% on that amount? Is this illegal?? I don't want to do anything that will cause me to be audited. We really want to move to NH and are ready to put an offer in on a house, but need to find out how the tax system works. Any help would be greatly appreciated. Thanks so much.
Terry
tewksbury, MA
Terry
tewksbury, MA