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Taxes

A tax is a charge or levy of money made by a governmental entity (state, local, or federal) against a taxpayer—usually a U.S. citizen or a person living or working in the United States. There are many kinds of taxes, including income tax, capital-gains tax, property tax, franchise tax, gift tax, ad valorem tax, sales tax, use tax, inheritance tax, and estate tax.

In New Hampshire, the tax structure is unique in that it does not impose a general state income tax on earned income or a general sales tax. However, the state does levy a 5% tax on interest and dividends, which is a form of income tax on investment income. New Hampshire also imposes a Business Profits Tax (BPT) and Business Enterprise Tax (BET) on businesses operating within the state. Property taxes are a significant source of revenue for local governments in New Hampshire, and the state has some of the highest property tax rates in the country. While there is no estate tax in New Hampshire, the state does impose an Inheritance Tax on the transfer of assets from a deceased person to certain beneficiaries, but it is only applicable in very specific and limited circumstances. It's important to note that tax laws can be complex and subject to change, so for specific tax advice, it is recommended to consult with an attorney or tax specialist.

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