A recent study by the Tax Foundation, a Washington-based tax policy
group that fights for a simpler tax code, listed the states with the
highest and lowest taxes. It turns out, New York, New Jersey and
Connecticut are the three most expensive states to reside because of the
high state and local taxes.
All businesses are subject to taxes. While the concept is simple, the
government takes a percentage of earnings as the cost of allowing a
business to operate in its jurisdiction. How much that percentage
actually is can vary considerably. Because the relevant tax code at both
the federal and state level includes so many laws, exceptions,
exemptions and reductions, a considerable amount of savings can occur
with the right analysis and tax return filings.