Oklahoma gets high ranking for small business taxes

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new study found Oklahoma is the No. 12 best state for small business taxes.

Simplify LLC released a study on the Best States for Small Business Taxes using 2023 data from the U.S. Department of Labor, Tax Foundation, and Federation of Tax Administrators.

Five tax categories affecting small businesses were analyzed. Here is how Oklahoma ranked in each: corporate tax (8), personal income tax (19), property tax (3), sales tax (14) and unemployment tax (40).

The 10 best states for small business taxes are Nevada, South Dakota, Washington, Wyoming, Texas, North Carolina, Florida, Missouri, Ohio, and Alabama. The top five had corporate or personal income tax.

The state of the economy has small businesses increasingly worried about taxes — 16% say taxes are their top problem, up from 11% one year ago. Owning a small business is part of the American dream but taxes vary widely by state. In 2022, the average state and local tax burden of 11.2% was the highest it has been in decades, leading many companies to relocate to tax-friendlier locations.