Tax rates range from 2.7% to 4.8% and are set to decrease each year for the next five years. Standard deduction is $4,500 or double that for married couples, and personal exemptions of $1,860 for single, $4590 for married couples and $2250 per dependent. Sales tax is 6.15%, and localities can add up to 4% more. Estate tax in Kansas has been repealed.
Corporations are taxed at 4% on the first $50,000 of income, then they pay 7% on income over that amount. Corporations and LLCs both pay a $55 annual filing fee. Kansas has a number of valuable tax credits for businesses, including an Angel Investor Credit of up to 50% of the amount of investment. More information on these credits can be seen at: http://www.ksrevenue.org/taxcredits.html. For business formations and annual reports visit: https://www.kssos.org/.