article thumbnail

Tax-Free States? Pay No Income Tax in These 9 Tax-Friendly States!

LyfeAccounting

US taxpayers pay over $1 trillion in state income taxes every year. But what if you could pay $0 in state taxes? You can pay absolutely nothing in state taxes, just by packing up your bags and moving to a tax-free state. What are State Taxes? Top 10 States With The Highest Income. Iowa – 8.53%.

article thumbnail

A history of sales tax

TaxConnex

All other states (except the five that still don’t have a sales tax) followed in the 1960s, capped by Vermont in 1969. Sales taxes today have constituted about 18% of states’ tax revenue – a number likely to rise as eCommerce continues to expand. Sales tax has been around a long time – and it isn’t going anywhere soon.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Alaska moves toward statewide sales tax

TaxConnex

Mike Dunleavy is reportedly preparing to introduce a sales tax as part of a long-term budget plan for the state. Five states don’t have a statewide sales tax: New Hampshire, Oregon, Montana, Alaska and Delaware (aka the “NOMAD” states). Vermont was the last state to adopt a sales tax, in 1969.

Alaska 130
article thumbnail

The accountant’s guide to state taxes on retirement income

ThomsonReuters

As an accountant, understanding state tax considerations for various sources of retirement income — including pensions, Social Security benefits, 401(k) and IRA distributions, Thrift Savings Plans (TSPs), and military retirement income — is crucial in helping your clients minimize their tax liability and make the most of their golden years.

article thumbnail

Oct. 16, 2023, is Deadline for Millions Who Filed Tax Extensions; But Many Get More Time Due to Disasters

CPA Practice

Those affected by flooding in Vermont. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022. They have until Oct. 31, 2023, to file.

article thumbnail

Oct. 16, 2023, is Deadline for Taxpayers with an Extension

CPA Practice

Those affected by flooding in Vermont. 16 and lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022. They have until Oct. 31, 2023, to file.

article thumbnail

Checklist: Ensure your firm’s success this upcoming tax season

CPA Practice

million – $4,999,999 $5 million – $10,000,000 Over $10 million What is the biggest document challenge your firm faces? million – $4,999,999 $5 million – $10,000,000 Over $10 million What is the biggest document challenge your firm faces?