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.
House Pushes Through Internet Tax Ban Bill but Will Senate Agree?
Everyone loves the Internet and most people couldn’t live without it. There are a lot of great things about the Internet; with one of those things being that fact that there are no state and local taxes to use it. Over the years, they have been many arguments back and forth as to whether or…
Which Is Higher, Your Food Bill or Your Tax Bill?
How high is your tax bill? Would you say you spend more on taxes than you do on food? What about clothing and shelter; do you spend more on them than you do on your taxes? The answer might surprise you. That’s because in actuality you probably spend more on your taxes every year than…
The Skinny on Tax-Deferred Retirement Accounts
Just about anyone could benefit from a tax-differed retirement account. These accounts, most commonly known as 401Ks or IRAs, are a great way to save for retirement and in many cases save on taxes. The real question is when do you plan on cashing out that retirement fund? While you will always see immediate savings…
Now Is the Time to Fix California’s Messed up Tax Code
The California tax code is about as healthy as the federal tax code. In other words, it needs a lot of work. Of course, there are many interested parties that are all hard at work trying to create plans that will help improve the state’s economy and tax revenue while helping those from the lower…