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.
IRS Preventing Audit
IRS Preventing Audit Do you want an IRS agent to make a visit to your office? I don’t know many people who do, but knowing strategies to prevent an unwanted visit could certainly save you from an extra bit of stress in life. Only one percent of taxpayers yearly are selected for IRS audits, but…
Tips for the Self Employed in Avoiding an IRS Audit
Tips for the Self Employed in Avoiding an IRS Audit If you are self-employed, the chance that you have of being selected for an IRS audit will be closer to your ballpark. The IRS looks for red flags that when processing tax returns, targeting individuals to potentially audit. Self-employment is a flag in itself as…
5 Steps to Becoming a Millionaire
5 Steps to Becoming a Millionaire In 2011, the number of households in the United States worth over $1 million was 8.6 million. Although the thought of acquiring a million dollars may be a whimsical fantasy for some, it is not out of reach. With careful saving and investing, becoming a millionaire is possible if…
Ten Questions That You Should Ask Prior to Purchasing a Stock
1. How does the company make money? The first thing that you should understand is how the company earns money. Just because everyone else is buying the stock and the price has run up tremendously does not mean that you should also be jumping on the bandwagon. I suggest that you review the annual report…