Massachusetts Department of Revenue, Massachusetts Tax

Massachusetts Business Corporate Tax, Massachusetts Personal Income Tax, Massachusetts Sales Tax Rates

What is the Massachusetts Corporate net income tax rate(s)?

9.5% with a minimum tax payment of $456.

ALSO, there is a property tax of $2.60 for every $1000 of assets your business owns that is located in the State.

What is the Massachusetts personal net income tax rate(s)?

5.3% of regular income, distributions, dividends, and long term capital gains.

Short term capital gains are taxed at 12%. Short term capital gains are effective after holding the asset for more than 1 year per Massachusetts code 830 CMR 62.4.1

What is the average Massachusetts sales tax rate(s)?

6.25%

Are there standard deductions?

Single:  none
Joint:  none

Are there personal exemptions?

Single:  $4,400
Dependants:  $1,000

What forms do you file for your Massachusetts taxes?

C corporations:   Form 355
S corporations:  Form 355S
Partnerships:  Form 3 Schedule 3, K-1
Individual:  Form 1, and form 1-NR/PY for non-residents

Estimated tax payments?

Form 355-ES for corporations with more than $1000 tax liability. Personal filers file 1-ES. Massachusetts follows the IRS standards for estimated payments. If you will owe $400 or more in tax for the current year, you are required to make 90% of the tax due, over quarterly payments. It has to be at least 100% of the previous year, even if you think you won't make as much in the current year.

Massachusetts Department of Revenue:

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