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Get started: Best states for small business taxes

State tax bills can add up pretty fast for small business owners. Well, that is, unless your business is in South Dakota, Texas or Nevada.

At least that’s the assessment of the Small Business & Entrepreneurship Council, a group that lobbies on behalf of small companies on tax and other issues. The group has released a study that ranks U.S. states and the District of Columbia, according to how they tax people and companies.

To come up with its rankings, the council considered a variety of state taxes including taxes on individual and corporate income, capital gains, property, sales, gas and Internet access. It also considered whether states have alternative minimum taxes and whether their personal tax brackets are indexed for inflation. Estate taxes also went into the mix.

The District of Columbia is the worst place when it comes to being taxed, according to the study. The three worst states are Minnesota, New Jersey and New York.

The council noted that states including Indiana, Arizona, Michigan, North Dakota, Delaware and Oklahoma have been taking steps toward easing their taxes, but that Oregon, Connecticut, Illinois and New York have been raising their taxes.

How secure is your computer?

The Small Business Administration, the FBI and the National Institute of Standards and Technology, are teaming up to sponsoring workshops around the country to teach business owners about computer security. The agencies say owners will learn how to protect their computers and data from hackers. They’ll also learn how to protect their information from unintentional damage, data that’s accidentally deleted by employees or that’s lost in a computer crash.

The workshops also will show owners how to evaluate security tools and techniques and decide which ones are best for their companies.

You can find information about the workshops, including dates and locations, at the SBA’s website.

Back to school for business owners

Many people who start small businesses know about their service or product, but little about the financial side of running a company. Two government agencies, the Small Business Administration and the Federal Deposit Insurance Corp., have put together a curriculum to help entrepreneurs learn the basics.

The curriculum, called Money Smart for Small Business, is being offered free to financial institutions, local economic development organizations and other groups who can use it run courses for small business owners. Small Business Development Centers also will get the curriculum. SBDCs are sponsored by the SBA to teach and counsel small business owners. There are more than 800 SBDCs at colleges, universities, chambers of commerce and other locations around the country.

The curriculum includes courses on the types of businesses an owner can choose to operate under, such as sole proprietorship, limited liability company or corporation. Other courses include time and financial management, record-keeping, credit reporting, insurance, taxes and selling a business.

You can learn more HERE.

Joyce Rosenberg is a columnist for The Associated Press and can be reached at twitter.com/JoyceMRosenberg.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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