About Federal and State Taxes
Federal income taxes in the U.S. include individual, corporate, and estate taxes. Individuals pay taxes based on their income and capital gains, while corporations are taxed on profits. Estate taxes apply to large inheritances. Understanding these tax types is crucial for tax planning and maximizing deductions to reduce liabilities. Additionally, there are state taxes that may apply.
State taxes in the U.S. are taxes imposed by individual state governments to fund services like education, healthcare, and public safety. Each state has the authority to create its own tax policies, leading to significant variation across the country.
Common state taxes include income taxes, sales taxes, and property taxes. State income taxes are applied to the earnings of individuals and businesses, with some states using a flat rate, while others have a progressive system where rates increase with higher income.
The diversity in state tax policies impacts personal and business financial decisions, making it important for individuals and companies to consider their state’s tax system when planning finances.
all States and what specific credits the offer
Find your state to view the tax credits available for you or your company so that you can keep more of your hard earned money. As a trusted leader in state tax credit investing, Veritas Tax Credits can secure credits in eligible states when we have sufficient notice and commitment.
Alabama
Individuals: Alabama State Income Tax, Alabama Capital Gains Tax
Businesses: Alabama Corporate Income Tax
Alaska
Individuals: Alaska State Income Tax, Alaska Capital Gains Tax
Businesses: Alaska Corporate Income Tax
Arizona
Individuals: Arizona State Income Tax, Arizona Capital Gains Tax
Businesses: Arizona Corporate Income Tax
Arkansas
Individuals: Arkansas State Income Tax, Arkansas Capital Gains Tax
Businesses:
california
Individuals: California State Income Tax, California Capital Gains Tax
Businesses:
Colorado
Individuals: Colorado State Income Tax, Colorado Capital Gains Tax
Businesses:
connecticut
Individuals: Connecticut State Income Tax, Connecticut Capital Gains Tax
Businesses:
delaware
Individuals: Delaware State Income Tax, Delaware Capital Gains Tax
Businesses:
florida
Individuals: Florida State Income Tax, Florida Capital Gains Tax
Businesses:
Georgia
Individuals: Georgia State Income Tax, Georgia Capital Gains Tax
Businesses:
hawaii
Individuals: Hawaii State Income Tax, Hawaii Capital Gains Tax
Businesses:
IDAHO
Individuals: Idaho State Income Tax, Idaho Capital Gains Tax
Businesses:
illinois
Individuals: Illinois State Income Tax, Illinois Capital Gains Tax
Businesses:
indiana
Individuals: Indiana State Income Tax, Indiana Capital Gains Tax
Businesses:
iowa
Individuals: Iowa State Income Tax, Iowa Capital Gains Tax
Businesses:
kansas
Individuals: Kansas State Income Tax, Kansas Capital Gains Tax
Businesses:
kentucky
Individuals: Kentucky State Income Tax, Kentucky Capital Gains Tax
Businesses:
louisiana
Individuals: Louisiana State Income Tax, Louisiana Capital Gains Tax
Businesses:
maine
Individuals: Maine State Income Tax, Maine Capital Gains Tax
Businesses:
maryland
Individuals: Maryland State Income Tax, Maryland Capital Gains Tax
Businesses:
massachusetts
Individuals: Massachusetts State Income Tax, Massachusetts Capital Gains Tax
Businesses:
michigan
Individuals: Michigan State Income Tax, Michigan Capital Gains Tax
Businesses:
minnesota
Individuals: Minnesota State Income Tax, Minnesota Capital Gains Tax
Businesses:
mississippi
Individuals: Mississippi State Income Tax, Mississippi Capital Gains Tax
Businesses:
missouri
Individuals: Missouri State Income Tax, Missouri Capital Gains Tax
Businesses:
montana
Individuals: Montana State Income Tax, Montana Capital Gains Tax
Businesses:
nebraska
Individuals: Nebraska State Income Tax, Nebraska Capital Gains Tax
Businesses:
nevada
Individuals: Nevada State Income Tax, Nevada Capital Gains Tax
Businesses:
new hampshire
Individuals: New Hampshire State Income Tax, New Hampshire Capital Gains Tax
Businesses:
new jersey
Individuals: New Jersey State Income Tax, New Jersey Capital Gains Tax
Businesses:
new mexico
Individuals: New Mexico State Income Tax, New Mexico Capital Gains Tax
Businesses:
new york
Individuals: New York State Income Tax, New York Capital Gains Tax
Businesses:
north carolina
Individuals: North Carolina State Income Tax, North Carolina Capital Gains Tax
Businesses:
north dakota
Individuals: North Dakota State Income Tax, North Dakota Capital Gains Tax
Businesses:
ohio
Individuals: Ohio State Income Tax, Ohio Capital Gains Tax
Businesses:
oklahoma
Individuals: Oklahoma State Income Tax, Oklahoma Capital Gains Tax
Businesses:
oregon
Individuals: Oregon State Income Tax, Oregon Capital Gains Tax
Businesses:
pennsylvania
Individuals: Pennsylvania State Income Tax, Pennsylvania Capital Gains Tax
Businesses:
rhode island
Individuals: Rhode Island State Income Tax, Rhode Island Capital Gains Tax
Businesses:
south carolina
Individuals: South Carolina State Income Tax, South Carolina Capital Gains Tax
Businesses:
south dakota
Individuals: South Dakota State Income Tax, South Dakota Capital Gains Tax
Businesses:
tennessee
Individuals: Tennessee State Income Tax, Tennessee Capital Gains Tax
Businesses:
texas
Individuals: Texas State Income Tax, Texas Capital Gains Tax
Businesses:
utah
Individuals: Utah State Income Tax, Utah Capital Gains Tax
Businesses:
vermont
Individuals: Vermont State Income Tax, Vermont Capital Gains Tax
Businesses:
virginia
Individuals: Virginia State Income Tax, Virginia Capital Gains Tax
Businesses:
washington
Individuals: Washington State Income Tax, Washington Capital Gains Tax
Businesses:
west virginia
Individuals: West Virginia State Income Tax, West Virginia Capital Gains Tax
Businesses:
wisconsin
Individuals: Wisconsin State Income Tax, Wisconsin Capital Gains Tax
Businesses:
wyoming
Individuals: Wyoming State Income Tax, Wyoming Capital Gains Tax
Businesses:
Benefits of state tax credits
1. Can be combined with Federal Tax Credits
Maximize your savings by combining state tax credits with the various federal tax credits. Accordingly, this unlocks greater financial benefits while supporting local businesses.
2. Business and Personal Credits
Reduce tax liability, while boosting cash flow, and grow your business or use them for your individual tax liability.