Learn More About State Regulations
While most entrepreneurs reported that state regulations and taxes aren’t prohibitive or overwhelming, several small business owners said complying with regulations can be an unnecessary headache. Many called for reform, but most added that the tax rates aren’t exorbitant, and the state and local governments are generally willing to work with entrepreneurs to help them navigate the legal framework.
“There’s still some red-tape issues as far as trying to get stuff done,” Lynch said. “It’s just sort of in general, like trying to deal with getting on state buying lists, for example, or dealing with zoning regulations, which isn’t exclusive to Massachusetts.”
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And when it comes to taxes, it’s filing that is the issue, and not so much the rates. Entrepreneurs who cited taxes as a challenge typically said they didn’t feel overtaxed, but that they either had a difficult time figuring out how to properly file or have just resigned themselves to hiring a professional to handle it for them.
“Regulatory policy and taxation go hand in hand for me. Taxation is always complicated. That’s probably the worst part, for me, of being a business owner,” Alexandra Daniel, owner of ZephyrPR, said. “I would say it’s more the compliance is less manageable than what I’m actually paying. I don’t even try to do my own taxes, because I’m fearful I’ll screw everything up.”
Currently, Massachusetts imposes an 8 percent corporate income tax rate, a 5.1 percent personal income tax rate and a 6.25 percent sales tax rate.