2016 new tax write offs for small business owners

The website Nerdwallet produces a list of the Best Places to Start a Business, most recently released in late April 2015.Most recently, and for the second year running, Texas ranked third overall. The Small Business & Entrepreneurship Council annually publishes a Small Business Tax Index based on 23 tax-related measures.

In 2015, Texas occupied the 10th spot among states.

The Tax Foundation publishes a State Business Tax Climate Index each year, based on scores in the areas of corporate taxes, individual income taxes, sales taxes, unemployment insurance taxes and property taxes.

This represents a decline from the previous year’s rankings, when four major Texas metro areas (Dallas, Houston, San Antonio and Austin) appeared in the top 20. In the July 2015 ranking, no Texas metro area placed in the top 10, but Dallas came in at no.

Forbes also publishes annual rankings of the Best Places for Business, based on costs, job growth and educational quality in America’s metropolitan areas.

Texas’ most recent overall rating within Forbes' methodology places it sixth, although the state received the highest ranking in the area of economic climate. Its rankings are based on scores in six core business areas - costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life.

Forbes magazine, for instance, ranks the Best States for Business each year, most recently in October 2015.

Other surveys and rankings paint a similar picture for Texas. metropolitan areas, and all five of Texas’ largest cities ranked among the top 15 included in the survey ( Exhibit 2). The Thumbtack survey also ranks dozens of U.S. In 2015, Texas ranked first among these states for small-business friendliness of the 10 most populous states, only Texas and Georgia ranked in the top 10 ( Exhibit 1). The most recent survey, for 2015, is based on the responses of nearly 18,000 small business owners in 36 states. Texas Still Business-FriendlyĪ number of public and private entities rank the states on tax climate and other aspects of business “friendliness.” One ranking, produced by the website, surveys small business owners on various aspects of business friendliness. In this issue, we consider some of the hurdles involved in starting a new business. Starting a New Business How Texas ComparesĪs noted in the last issue of Fiscal Notes, the rate of new business formation is declining both nationally and in Texas.

2016 new tax write offs for small business owners