On the other hand, you might need to file state taxes if you own a business in New Hampshire. Businesses operating in New Hampshire are subject to both a business enterprise tax and a tax on business earnings. While the business enterprise tax is based on gross receipts, the business profits tax is based on net income. Regardless of whether you live in New Hampshire, you must submit state taxes if your company had more than $50,000 in gross revenues or $75,000 in net income during the tax year.
If your New Hampshire company is not in good standing, you have not complied with state laws governing the operation of businesses. This can be the result of forgetting to submit annual reports or pay fees on time. You must file any unfiled reports, pay any outstanding fees, and take care of any other compliance issues in order to restore your company’s good standing. You can submit an online request for a Massachusetts certificate of good standing through the Massachusetts Secretary of State’s website. You’ll need to enter your business name, state of establishment, and business identification number in order to get a certificate. A fee will also be charged.
The typical validity term for a certificate of good standing is between 60 and 90 days. Depending on the state, the precise validity period could change. It is crucial to confirm the precise duration of the certificate of good standing’s validity period with the state’s business division.
In conclusion, you are exempt from filing state income taxes if you live in New Hampshire. However, depending on your company’s revenue, you might need to file state taxes if you run a business in New Hampshire. You must address any compliance issues if your company is not in good standing in order to restore it. You can submit an online request for a certificate of good standing in Massachusetts, but it’s crucial to confirm the specific validity term with the state’s business division.