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.
Simplified per-diem rates boosted for post-September 30 business travel
Simplified per-diem rates boosted for post-September 30 business travel Simplified per-diem rates boosted for post-September 30 business travel Rev Proc 2006-41, 2006-43 IRB Many companies use per-diem rates to reimburse their employees for business travel expenses rather than requiring employees to submit receipts for their expenditure. The IRS recently increased the simplified per-diem rate (high-low…
A Creative Plan to Help Lighten Your Tax Load
A Creative Plan to Help Lighten Your Tax Load Everyone likes to save as much as they can on their taxes every year. Of course, this is a noble goal and everyone should be doing exactly that. Likewise, everyone likes to keep his or her tax return as easy and simple as possible, which is…
Why Entrepreneurs Can’t Manage
Why Entrepreneurs Can’t Manage By Joanna L. Krotz Entrepreneurs who can drive startups are often not the leaders who can also steer businesses into the big time. When a founder does insist on managing his maturing company, trouble tends to follow. Are you out to defy this trend? We welcome you to the challenge, and…
Filing Requirements for Household Employment
Filing Requirements for Household Employment By Rose Lu Chen, CPA Greenstein, Rogoff, Olsen & Co. Posted: 7/2/10 If you hire a household employee, you will have federal and California tax obligations with respect to your household employment. Household Employee A household employee is someone you hire to do your household work, and you can control…