Where Should You Call Home in Retirement?
Are you planning on retiring soon? There are a lot of things to consider and prepare for when you’re ready to call it quits and start enjoying the so-called “golden years,” especially when it comes to your financial future. One of the most important matters to take care of is how your taxes will affect your retirement. There are many different factors to consider, but one of the most important is simply where you live.
The Best
So what are the best states to call home after you hang up your working shoes for good? There’s a reason that Florida is the butt of many senior citizen jokes, but perhaps surprisingly, according to Kiplinger’s Personal Finance, the Sunshine State is only the tenth most tax-friendly state to live in for retirement. Other states in the top 10 on Kiplinger’s list from nine to one include South Dakota, Louisiana, Arizona, Delaware, Georgia, Mississippi and Nevada at number two. Taking home the top spot is Alaska.
The Worst
On the other end of the spectrum these 10 states scored the worst as far as being tax-friendly goes. In order from 10 to 1 they are: New York, New Jersey, Nebraska, California, Montana, Oregon, Minnesota, Rhode Island, Connecticut and Vermont. So there you have it. If you’re looking for a new tax-friendly place to call home when you decide to retire then consider these lists closely.
70% Qualify for Free 1040 Software
70% Qualify for Free 1040 Software People with an income up to almost $50,000 will get free access to tax return preparation software, the Internal Revenue Service said Tuesday. That means 70 percent of taxpayers can prepare their taxes for free using software available through the IRS Web site — www.irs.gov Still, that is fewer…
Wealthy Should Prepare for Audits by Keeping Organized Records
Wealthy Should Prepare for Audits by Keeping Organized Records Expensive art collections, investment hobbies and offshore bank accounts may raise red flags when it comes to IRS audits. In 2011, the Internal Revenue Service audited 29.93% of taxpayers who reported more than $10 million of annual income [1]. This percentage increased by 18.38% from 2010.…
What Separates Ultra Rich From Everyone Else?
What Separates Ultra Rich From Everyone Else? By Alan Olsen There’s an old cliché in the sporting world that many coaches have used in an effort to help lift their teams when they face what appear to be insurmountable odds. The saying goes: “They put their pants on one leg at time,” or something very…
“Madoff” or “Ponzi-Type” Tax Losses
“Madoff” or “Ponzi-Type” Tax Losses Update: 12/9/09 Wall Street Journal Article: http://online.wsj.com/article/SB124623441944466541.html In addition to other good information about the type and amount of refunds people are obtaining it says in the last paragraph: “On Monday, Sen. Charles Schumer (D., N.Y.) proposed a bill that seeks to further expand the carry-back period up to six…