Business in New York Being Buried by Heavy Tax Load
New York, New York: It’s the town so nice they named it twice. But when it comes to taxes in one of the world’s greatest states, things aren’t so nice. That’s because New York is one of the worst places to live if you don’t want to pay a lot of taxes.
New York has some of the highest tax rates on income, whether it’s personal or business, in the country. The high taxes don’t stop there, either. New York also has some of the highest property taxes, as well. In fact, according to the Tax Foundation New York has the nation’s highest tax burden and the second highest all-in top tax income.
The bad news doesn’t stop there for New Yorkers, as the state is also has the highest local and state corporate tax rate in the country, as well as the country’s seventh highest property tax figure. New York also has the fifth highest workers’ compensation cost and to top it all off New York even gets you in the afterlife with its death tax.
The effects of these taxes are notable. Thanks to its never-ending tax burden, New York has lost more money in income from people and businesses moving out of the state than any other state in America. The numbers are staggering. Between 1993 and 2010, New York lost more than $67 billion in yearly income to other states, along with more than a million taxpayers over that same time period.
The bottom line, if you live, work or own a business in New York, then you won’t be getting any favors at tax time.
IRS Is Carefully Watching Bitcoin and Other Cyber Currency
Big Brother is watching. Always watching. In this case, Big Brother is the IRS and you might be surprised what they’re looking into now. Although, when it comes to the IRS, nothing should surprise us. Have you ever heard of Bitcoin? It’s one of a handful of virtual currencies that making buying and selling things…
Which Tax Breaks Will Be Restored for 2014?
It seems like every year at this time the conversations start to creep up in the media regarding which tax breaks will be renewed and which breaks will get the permanent axe. This year is no different as Congress already let more than 50 such tax breaks expire at the end of 2013. Now the…
Helpful Deduction Tips for Collectors
Are you a collector? Have you ever wondered if you could donate the items you collect to a charity auction for tax break purposes? If you are considering this scenario, there are some things you should know. The first thing you need to make sure of is that the charity you are considering is actually…
Ask Yourself These Key Questions When Planning Your Estate
Almost no one can choose when he or she will die, but everyone can choose how his or her assets will be handled when that time comes. It’s really just a matter of having a current and effective estate plan in place before you go. Estate planning is a wide subject with many aspects; and…