Which States Are Good, and Bad, for Taxes?
How attached are you to the state you live in? Although most people would rather not relocate, where a person lives can actually make a huge difference in his or her tax bill. That’s because Kiplinger recently released its list of the most and least “tax-friendly” states when it comes to taxes. The business publisher used three important tax factors to determine their results, including state income tax, gas tax and sales tax. Here’s what they found.
If you live in Delaware then chances are you’re happier than most about your tax bill. With an income tax coming in between 2.2 percent to 6.6 percent, along with no sales tax and well below average gas taxes, Delaware was number one on the list of most friendly tax states. Wyoming, Louisiana, Mississippi and Alabama were also on the friendliest list.
Meanwhile the news is not so good if you live in California. With an income tax reaching as high as 13 percent for the top earners, a 7.5 percent sales tax and a gas tax coming in at $.053, the golden state is number one on the list of least friendly tax states. Other states that will keep your tax bill high include New York, Connecticut and New Jersey. Click here to see the entire lists.
Everyone has to pay taxes, but you can click here to learn how GROCO can help you save on your taxes no matter which state you live in. Call us today at 1-877-CPA-2006.
The Roots of the Family Business
The Roots of the Family Business By Elizabeth Bowden-David As entrepreneurs, my husband and I take every opportunity to teach our children about the family business. They are still pretty young, so we stick to basic concepts such as product, customer, revenue, cost, and profit. Many of these discussions take place around the dinner table…
Taxable Investment Account
Be Careful What You Put in Your Taxable Investment Account By Kent Livingston Mutual funds are a great option for anyone who wants to invest his or her money in the stock market but has limited time, money or knowledge. In short, mutual funds offer a simple way for just about anyone to play…
Tax Planning Strategies for the 3.8% Net Investment Income Tax
Tax Planning Strategies for the 3.8% Net Investment Income Tax Anyone who has any kind of investment income has probably wondered how tax laws will affect that income. Investment income can vary and the tax laws differ as well. As with many tax laws, how much investment income you actually make will play a big…
Startup Technology Is Not Enough to Start a Movement
Startup Technology Is Not Enough to Start a Movement How many great ideas for a startup companies do you know of that never really got off the ground? Startups are a dime a dozen and the majority never become successful. Even some of the best ideas and coolest technologies fail to reach their full potential. These…