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Today on MyMoneyLife with Chuck Bentley

Wednesday, October 21, 2009

Best Business States

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Got a testimony or question for Chuck? Send it to ChuckBentley@Crown.org.

Chuck Bentley Are all states equal when it comes to starting a business? Well, not according to the Tax Foundation. They’re a nonpartisan research group that’s been studying tax issues since 1937.

The group just released its latest survey of the best and worst states to launch a new business based on tax policy. The study looks at taxes on corporate and individual income, sales, property and unemployment insurance.

So, according to the Tax Foundation, here are the 3 best states for starting a business, counting down backwards:

Alaska. No state sales tax, no property tax, and low unemployment insurance taxes.

Wyoming. No corporate income or individual income tax, and only a 4 percent state sales tax.

South Dakota. No corporate or individual income tax, only a 4 percent sales tax, and very low unemployment insurance rates.

And the worst states for starting a business?

California. It has some of the highest taxes in almost every category.

New York. They just raised the top personal income tax bracket to almost 9 percent and that’s a 30 percent increase.

New Jersey. The Garden State has the highest property taxes in the country and they also have a “Millionaire’s Tax” that actually affects people making far less than that.

Well, regardless of where you live, it’s never a bad time to start a business. For more advice on starting a business, I hope you’ll visit us at Crown.org.

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How to be a Success

To be a spiritual success, a Christian must be willing to relinquish all rights and accept God’s plan. God’s plan will always provide enough.

Should I Start a Businss?

Starting a business can be a complex undertaking, requiring much prayer and consideration, the right motive, a workable plan, and adequate capital.

Basic Business Minimums

.Christians need to give their businesses to God, live by His principles, and accept the fact that they are managers of His business.