Business Taxes and Requirements in New Hampshire
New Hampshire has business taxes, including a dividends and interest tax. The tax rate on business profits depends on when the taxable period ends.
All for-profit businesses and organizations with over $50,000 in gross business income must pay the Business Profits Tax.
Starting a Business and Tax Obligations
- To start a business in New Hampshire, first get a business permit and assumed business name to register your trade name.
- You may need a federal tax ID number. If you sell merchandise, you will need a reseller tax ID number.
Taxation and Exemptions
- You must report and pay taxes on bank interest income, even without a 1099-INT form.
- Non-profit organizations can qualify for tax-exempt status to redirect resources towards their mission instead of paying taxes.
Additional Tax Information
- The Business Enterprise Tax filing threshold for 2023 is $281k, and the Business Profits Tax filing threshold is $92,000 in gross income.
- New Hampshire does not have a personal income tax. However, currently there’s a 5% tax on dividends and interest income over $2,400 for individuals that is being phased out by 2027.
Filing Business Taxes in New Hampshire
- The state notifies you via email about the status of your business filings.
- Overall, no state income tax in New Hampshire attracts businesses looking to minimize their tax burden.
New Hampshire Salary Tax Calculator
- The New Hampshire Salary Tax Calculator estimates the taxes you must pay based on your eligibility for deductions.
- You may still have to file a nonresident tax return if taxes weren’t correctly withheld from your pay.