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.
Secondary Market May Impact 409A Valuations
Secondary Market May Impact 409A Valuations An issue gaining attention with respect to 409A valuations is the fact that many private company shares are increasingly being traded in the secondary market. There is a debate among valuation specialists over how transactions in private company stock impact the value of the company securities for 409A purposes.…
Five Tips for Recently Married or Divorced Taxpayers with a Name Change
Here are five tips for recently married or divorced taxpayers with a name change. If you changed your name after a recent marriage or divorce, the IRS reminds you to take the necessary steps to ensure the name on your tax return matches the name registered with the Social Security Administration. A mismatch between the…
You Thought FBAR (Foreign Bank Account Report – Form TD F 90-22.1) Was Bad?
You Thought FBAR (Foreign Bank Account Report – Form TD F 90-22.1) Was Bad? By Ron Cohen, CPA, MST Partner Greenstein, Rogoff, Olsen & Co., LLP PLEASE See: http://www.calcpa.org/Content/26096.aspx We are happy to help you meet these old & new disclosure requirements. Non-reporting subjects a taxpayer to horrendous penalties, even if no tax is due.…
What the IRS Has On File About You and How to Obtain Your Tax Files
What the IRS Has On File About You and How to Obtain Your Tax Files IRS liens and levies can wreak havoc on a person’s life, making it difficult to obtain financing on a home or a car and wiping out savings. Maybe you want access to your tax files to see where the problem…