6 Overlooked State Tax Considerations When Retiring
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- čas přidán 1. 07. 2024
- In this video, I reveal the often overlooked tax considerations when deciding where to retire.
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I'll discuss six key areas that can significantly impact your retirement finances, including state income tax, property taxes, and sales tax.
Whether you're considering relocating for retirement or want to optimize your current retirement plan, this video offers valuable information to help you make informed decisions about your financial future.
Tune in to learn more about how taxes can impact your retirement lifestyle and what steps you can take to minimize tax burdens and maximize your retirement savings.
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Show Notes:
0:00 Intro
0:55 States with No Income Tax
1:55 Taxes on IRA, 401(k), and Pensions
2:59 Property Taxes
4:00 Sales Tax
4:55 State-Local Tax Burden
7:09 Estate Tax
10:26 Final Tips
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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#retirement #retirementtaxes #taxtips
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Hi Toby, I find these types of videos very interesting but I'm afraid that some states are very sneaky about how they tax and yet appear on paper to not tax. I have lived in Delaware for 27 yrs and have always heard that hype about DE not having a sales tax, having a low property tax, and having no estate or inheritance tax. Well that is the hype at least. I live near the border of DE & PA and I find myself crossing over into PA for most of my food and much of my retail purchases because the money you save in sales tax is often added to the price of good sold-- so the vendor gets to pocket the extra instead of the state. With regards to property tax, I purchased a newer house, but pretty basic 2200 sp ft, 3-4 bd, 2.5 baths, all contractor grade everything, and the property tax was 3 times what is advertised and the average tax rate for the state. And it was impossible to argue down the assessment because you had to show comps from sales made in 1983 (the last time an assessment was done). But just because a reassessment wasn't done for 40 yrs doesn't mean property taxes have stayed the same. My annual property tax bill is now 2.5 times what it was when I moved here. Lastly, two little gotchas... one, even though we have NO sales tax for car purchases, you have to pay 4.25% of the car purchase price when you REGISTER it for the first time (essentially a sales tax). The last gotcha is when it comes to settling estates, anything the goes into PROBATE is TAXED 2% by the state. And no, this is not labeled an estate tax, it is part of long list of FEEs that New Castle County charges to settle estates. There is a 1.75% (of the entire estate EXCLUDING house) that is called "Closing Cost" and there is a 0.25% of the estate called "Technology fee".
This is an overlooked and pertinent comment.
Your DE reporting very welcome, much appreciated
Excellent and well written DE details thank you. I am also a Delaware resident (7 years) but refugee from NY so I see it a little differently. Taxes on similar value houses went from $20,000 in NY to $3,500 in DE. I’m saving $3,000 a year on sales tax. Paying about 60% of the income tax. My vehicle registration fees went from $200 per car to $40 and so on for so many other items. Do DE residents even know what a bottle deposit is. But, now after 7 years I am fighting the school tax increase. How soon we(I) forget. While we’re here - I don’t know why anybody’s concerned about estate and inheritance taxes. If you’re wealthy you have lawyers and trusts. If you’re poor you have nothing of value to be taxed. If you’re in the middle, start giving your assets to your kids or whomever. By the time you are dead there should be nothing to tax. :)
@@georgeballow7028Lol. We are not all from NY though, I'm originally from Florida. And regarding all your New York costs, is that for the whole state or were you from New York City area? And if you ever get a new car (at $35,000) your initial registration is going to cost you about $1,500 and you can let me know if your property tax is still $3,500 after your new assessment in 2025 kicks in. 😏
Pretty much throughout NYS. Property taxes seem to be about 2 1/2% of market value, except in NYC where they are much less but those folks pay a NYC income tax and so many other taxes and fees. Think it costs about $16 to go across the Verrazano bridge now, maybe more. I lived in a northern suburb about 50 miles from NYC. At my workplace in NYC most people’s commute was well over an hour each way, that’s another cost of living in NY.
Great info, Toby! Thanks!
Georgia has no tax on 401Ks, qualified pensions, or social security.
There is also a reduced property tax for seniors (not income dependent) in most counties.
Outstanding top-down view! Another rock-solid wisdom bomb from Toby. Thank you.
Lived in Brooklyn, NY for a couple of years. As a resident paid both state and local income tax. Absurd.
I am near retirement and moved from Minnesota to Texas, primarily due to a new grandson. I have to say that the over 65 reduction that Texas grants on the property taxes have made my tax bill on a more expensive homestead in Texas less than the tax I was paying in Minnesota. Texas sales tax is about 1% higher, but no income taxes, which were running over 5% in Minnesota make it seem like a move for improvement. Plus Minnesota would tax my Social Security when I start it. Texas may not be an optimal choice, but versus Minnesota, its an improvement with regards to taxes.
I live in NJ and or taxes here are disgusting. They get you either way.... living or dead! These videos make me think and are good to know!
I'm Retiring with CalPers in August & Expating to the Philippines in November 2024. I'm staying a California Resident, since unless I can PROVE I'm a Resident of another State "for an ENTIRE Tax Year", they will come after me for Back Taxes sometime in the Future. Since I'll receive a California State Pension, there is no escape from Taxation. At least they California doesn't tax Social Security.
Death tax is BS!!! All those assets have already been taxed!!! Outrageous BS!
If you are transferring funds to someone else then it should be taxed. Is my employer able to transfer funds to me (my income) without taxes?
You have no common sense.
@@MrSteeDoo -shut up
@@commonsenseisntcommon1776 found the trump voter!
@@MrSteeDoo -I prefer Patriot and American, unlike the Biden supporting traitors who hate America!
Awesome and very informative discussion..,keep up the great work!!!
Glad you enjoyed it!
The overlooked state tax tips for retirement planning are super helpful. Makes thinking about the future less stressful.
Last topic was the most "eye opening" for me. Good info, thanks!
Thanks for watching =)
The property taxes @3:20 appear to be base rates only. This is misleadingly low because some states add so many bond measures to the property tax that can raise the rates double or even more to what is shown here.
Thanks for these tips!
Thank you for your kind words, it means a lot to me that you appreciate the tips!
Very helpful information!
Glad it was helpful!
Very informative video! Here in Texas, with my 65 - and homstead exemptions combined, my 245k home has a yearly tax bill of $790+. Gov. Greg Rabbit eliminated school taxes.
thank you!
Great stuff, Toby. Thanks!
Glad you liked it
Thanks!
Outstanding
Excellent that you’re covering this topic! Thanks!
Glad you liked it!
Great video!
Glad you enjoyed it
Thank you
Thank you Toby for the information you provided very valuable
I have lived in Arizona since 2014 and have yet to pay a penny in state income taxes despite a $100k income. How? The state has a significant tax credit program where you can take a tax credit on contributions to many state approved charities in the area of education and social services. Many of these charities are those that I would contribute to irregardless of the tax credits.
It is critical that before you retire, you spend an hour or two with a CPA in the area that you plan to retire in. That way, you can inform yourself on the tax realities of the state. By the way, my community in AZ has a sales tax rate of 6.1%, Recently, I went through my budget and noted that only about 26% of the money I spend is subject to sales tax as the rest consist of food, Pharmacy, services, and other spending that is NOT taxed.
These type of vids on state/local tax burden have been some of my favorite for the last few years in particular. As a western NY'er I'm at my tipping point. No excuse for me not to move within the next 3-5 yrs. It's so difficult to accrue wealth, whether investment real estate/land, own homestead or a biz, because of the labor costs, income taxes & property taxes. I have family members that have already spent more in property taxes the last 30 yrs than what they paid for the then new 4 bd/2.5 half bath subdivision build..over $300k in property taxes since '94. That same $10k-12k over that time invested in an ordinary S&P 500 fund would have been wiser. Shake my head...😳
High property taxes also screw over singles w/o children. It’s not popular to admit that one resents paying for the education of other people’s children. Society needs to be either all inclusive like a family that cares for their children, their aging parents, and their disabled family members, or no one at all, which is cruel and harsh. The double standards and hypocrisy in America is off the charts.
@@Niko-777 Well, personally I don't believe in the school tax portion of property taxes. It's double taxation in a sense for residents who send their kids to a tuition based private school or home school & is nonsensical to pay for those that are childless & retired. Those families should be able to itemize a dollar for dollar write off or all out exemption with proof of private school tuition, home schooling or declaration of zero children in their household. As far as the institutionalizing of our sick, elderly & disabled, our culture in the West is deteriorating & even in other non-western cultures like Japan & eventually China where the aging population is kicked off to the side to fend for themselves in dilapidated ghettos. Sad to say the least.
@@Niko-777 In Texas the school portion of the property tax is the largest chunk. The schools overspend & mis-manage money. We with no kids should not be funding the 20 new unused tennis courts (as in they are several years old and the only thing on the courts has been flocks of birds & all gates to them are kept locked) and the new natatorium for the high school with an empty parking lot 99.9% of the time and the renovated expanded bigger than Atlantis Football stadium for a high school team that plays 6 games in it for the Year..... & the stands are less than 1/2 full.
Thank you so much for putting these tax considerations together! The best I have ever seen! Too much misinformation out there.
Glad it was helpful!
I’m retired in Alaska. We pay no income tax and only a few localities have sales tax and it is usually only a few percent and capped to the first few hundred dollars of a purchase. Our borough gives us a $258,000 tax exemption on senior property tax for our primary residence. Because of this we only pay about $500 on a house valued at about $400,000 on the real estate market. It does cost a lot to live here though.
You missed Washington State has no state income tax.
But here in WA State, especially in the Seattle area is very expensive to live in. Housing prices are crazy here. Eastern WA is much better and not as crazy liberal as the Seattle area, unless you are into that.
@@MegUSN52 if I’m going to live somewhere it would be where it’s warmer than there. In a year and a half we will be looking for a snowbird place in Florida. We have multiple properties here including a duplex. The problem with Wa is the whole state bares some of the costs of Seattle’s problems
@@MegUSN52 We went looking around the Spokane area for real estate and EVERY realtor told us to purchase in Idaho due to the idiots running the state on the west side. 😮
Inheritance and estate taxes are so unfair, we have already paid plenty of taxes on our estate. Seriously wrong.
We're close to retiring and considering a move to a different state (Texas is killing us on property taxes!) within the next few years. So this was very helpful. However, it wasn't covered here but it would have been quite a bit to do; but GA, gives a 32K exemption for 62 years of age and older off taxable income for retirees. This is for per couple (for a total of 64k). May sweeten the deal a little for us but still on the fence where to land. Thanks for the good information.
Thank you for adding to the discussion and watching the video =)
Exactly....Texas property tax is out of control. $7k for a normal 3bed 2 bath, 2100 sq ft. home built in the 90s + $1200 for the insurance. Thank you for the great comparisons as we will be using it.
Doesn’t some areas of Texas have low property taxes?
@@Jdeneik yes but not if you live in a suburb of some of the larger cities. You have to get pretty far out in the country to pay some of the lower property taxes.
Nevada does not tax food unless it's prepared food.
Great video as always. We love you. Please make a video with that new corporate transparency law that is afecting small business owners and freelancers like me
Thank you! That's a great video suggestion, I'll keep that in mind for my next video =)
Alaska has low taxes but the cost of living is still among the highest in the nation.
I owned a home in San Antonio, TX at one point and the property tax was somewhere north of 2.5% and edging towards 3%. Then sales tax was 7.75% on top of it was completely out of hand. It’s a great state to have residency and live outside the country or be in the military and not live there.
Your state sales tax is low and while your property tax is high, you have no state income tax. Like California's 13%. So, would you rather pay 1% higher property tax or 13% higher state income tax?
@@janofb I have a couple of clients that moved to Austin & they purchased a home there unaware of the tax situation. They have moved back to California. While taxes are high in California, salaries are much higher than other states. For example, the last nurse I had as a client made 120k a year. In Kentucky, the average salary for a nurse is 68k.
@@mtngrl5859But since this is about taxes in retirement, the salary difference shouldn't be an issue.
Enlightening😱 I live in Iowa where most of the state is farming and looking at the estate tax is alarming for farmers
Property taxes in Iowa are alarming as well.
That good all the farms are corporate owned only 2.3% are family owned
PA-we call it a nickle and dime state. little fees for everything, forced paid (fee) car inspections yearly for every car you have, local income tax, county tax, local property tax on top of regular property tax , light fee tax, high gas tax ( avg 30 cents a gallon higher than NJ), highest price toll roads in country. City tax in some towns like Philly. Then you get hit with that nasty inheritance tax which is robbery. I mean why is PA entitled to take any part of inheritance? But they dont tax ira and pensions which is good for seniors...
I pay $460 a year in property tax on a 250k house with homestead exemption in South Carolina.
Good video. Personally I could care less about sales tax. I say income and property taxes should be top of list. You'd have to spend a ton of money for sales tax to have an impact on your ability to spend. As of late my other consideration is cost of homeowners insurance.
I think you got Wyoming mixed up with Wisconsin on the no tax on pensions
Does anyone know of a tool that can estimate all these taxes based on some assumptions?
\
"retirement you deserve" that's absurd, if you didn't save/invest for retirement, and you anticipate social programs to pay for your retirement, you don't deserve to retire. Retirement isn't a right, if you didn't plan accordingly, you shouldn't be able to retire.
May want to discuss ILITs.
How about vehicle taxes? Registration, high insurance, toll roads?
Where is that data?
If you are retired it's unlikely that you are using a lot of toll roads.
@s99614 good point. I'm a full-time RV dweller, so registration is a significant budget item for me.
That’s another video
So a $100 difference in car registration will be the deciding factor on where you live? LOL
@@MrSteeDoo there's actually a $400 difference between Wyoming and Arizona
Sounds like I am making the right move 👍
NH doesn't have an income tax but it does tax interest & dividends...this is suppose to be fazed out by 2025 but I have seen 2027, as well. Filing online these e-filers always skip over this interest & dividends tax and say it looks like NH doesn't have any income tax, which it technically doesn't but it does have a tax...NH also has a meals and rooms tax...
Great video! My next wondering is: how do these rates compare if I put my assets in a family trust fund? Are there any tax advantages that way?
That's a great question! For personalized advice tailored to your specific situation and goals, I recommend scheduling a free strategy session. We can discuss the potential tax advantages and other benefits of putting your assets in a family trust fund. Sign up here: aba.link/k3g
Yes. Look into it, living in Oregon…this is what all my family has done
Helpful video. I owned property in Texas 10 years ago when total property taxes (state & local) were 3.5%-3.75%: about $1500/mo on a $500,000 house! There were exemptions like: homestead, over 65, disability, and agricultural. People would buy mansions, get a few goats, then claim the Ag exemption which upset the non-goat people. Sadly, Texas property taxes prevent some people from ever owning a home.
No State taxes so that's where they generate revenue.
@@commonsenseisntcommon1776 Yep, they get you one way or the other!
@@commonsenseisntcommon1776 Exactly. The tax structure benefits high income individuals and corporations, who usually have their property taxes waved as an incentive to attract business. But it definitely screws people who’d like to own, but can’t qualify due to taxes. If first time buyers had the same tax breaks as corporations, (like taxes waved for 5-10 years), they’d gain equity in their homes and start generating real wealth. And that benefits everyone and the economy.
Don’t own property.
@@TomBTerrific Those apt complexes have to pay those high Texas property taxes too. Rent easily will cost $15,000 a year. Of course, it didn't use to be that way. Texas use to be a normal place to live with normal prices until past Governors & current Governor thought it was a good idea to give large tax breaks to corporations so many high-priced Headquarters relocated and brought all of their inflated prices with them. (sound familiar Seattle?)
The real question: why are people not revolting over this insane taxation? Federal, state, real estate, inheritance, estate, sales , excise, local, emissions, blablabla blabla, can't even account for them all!
Wake up people, we should not slave like this!
Tough to do anything with the big metro areas and accompanying machine politics legislatively leading the rest of the state by the short hairs. The political and administrative agencies need to gobble more and more to finance their programs. About all most can do is vote with their feet to an amenable jurisdiction. Taking all factors into consideration such as taxes, healthcare, climate...jeez I am an idiot for remaining in Minnesota 😮
Vote.
Vancouver, WA not to be confused with the same named city in Canada is just north of the Oregon border. No sales tax in Oregon and almost no income tax in Washington.
I live in Vancouver WA too, I don't pay any state income tax. Your statement about almost no income tax is confusing. How is it you pay any income tax?
I just moved to Ridgefield WA
@@johnfbmWe just bought a place north of Vancouver, and one of the reasons we wanted to was because of no income tax, so I’m very confused as well! We haven’t been there to live yet because we have been full time rv’ers so we are currently snowbirding, but eventually we will do our taxes there?
@@kellypowell1483 There is a estate tax of 10% over $2.2 million but I don't consider that income tax for 2 reasons. 1) I don't have $2 million of an estate and 2) I'll be dead.
@@johnfbmI still don't want my hard earned money being thrown away in any taxes. If I leave anything I want it to go to my loved ones, not some wasted issues.
I lived in Texas for many years and loved it, but, its not the state property taxes, its the county/school taxes. We had a modest house: the property tax was 2k, the school was 4k...3 times what i pay now in SC. So the income tax is still less in total taxes.
Are there any calculators out there that will actually run the numbers for you to give you an idea of what you will pay in each state?
Who chooses their retirement location based on taxes?
As always great information!
I am selling my business and retiring. Our income will be dividends & social security only. I'm from Alaska and that's where we wish to retire good idea?
Selling home in CA and escaping!
According to all reports I see Alaska is the worst state to retire also the most dangerous state in the country, no upside there bud
That sounds like an exciting transition! However, it's essential to consider all aspects of relocating, such as tax implications, healthcare access, and lifestyle preferences. I recommend scheduling a free strategy session to discuss your specific situation in detail and explore the best options for your retirement goals. Visit: aba.link/k3g
@@icecold5920 Thank you for the reply. However, that view is based on faulty information. Crime is based on per capita statistics and “worst state to retire to…” based on who and what?
I have family there and was raised there consequently, I know Alaska intimately.
@@DrRobertLEnglishII this is multiple reports from fbi reports as well as ceo report and global peace index a complete authority on crime and war, have you been to Fairbanks anchorage , it worst then east L.A
When I see various videos like this, almost everything seems to point to Florida or Tennessee if you're really focused on saving money on taxes. I know Florida has seen insurance rates skyrocket and some counties are seeing large increases in their property taxes, but comparatively, it sure looks like Florida or bust if your focus is on limiting your tax burden.
As of this week El Paso. County has now match Houston , I live in Austin no matter where you live except way out of East Tx
Question. How about if I retire overseas from California versus Texas? Are we still subject to state taxes if we don't own any property in those states?
You’d likely owe state income taxes (including on 401k/IRA distributions as a legal CA resident)
Establish your address in TX or other no income tax state first, before going overseas...may want to talk to professional tax advisor so you do it right. CA FTB is known to be aggressive towards any trying to escape from it's grasp.
I know New Jersey is a high tax state but is not all bad. Social Security is not taxes. Retirement pension and IRA is not taxed up under a certain amount in a program call pension exclusion. Plus they have what is called Senior Freeze which can freeze real estate taxes
Highest property taxes in the nation which is rough on homeowners. That's why a lot move to DE or PA.
No doubt high taxes. Been here all my life. Sort of get used to the taxes. Just saying that once you retire things get a little better.
@@tigertq2460 I was born and raised in NJ. I'll never go back. Retiring in another state is a lot easier in most cases.
How about going overseas? Expat lifestyle. Any benefits?
I've been thinking about this and researching.
@@SirenaSpades I like the way you think.
As a US Citizen, you get taxed on worldwide income:-( There are exclusions on wages earned overseas so long as you meet certain time requirements (I believe 300 days outside the US). Always worth exploring, but for retirement benefits, may not make a difference. In fact, becoming an expat can actually trigger the entire amount of a retirement plan to become taxable. Best to discuss this with your plan administrator before moving from the US.
@@TobyMathis Great advice, thank you sir!!!
@@TobyMathisI believe it's only if you renounce US citizenship it would trigger an immediate tax on entire retirement fund.
BOOM!
🔥🔥🔥🔥
Hmmmm . . . looks like - all things considered - my evil plan to work in TN the last decade of my career and retire here was a genius move. THANKS . . . good to know. :)
Lol :-)
Washington has no state income tax, by a stipulation enshrined in the Washington State Constitution.
Texas baby!!!
I lived in Texas for 5 years now more people are leaving, property tax is very expensive 120 more than California, sale tax is 11% home owner is 3000. And no electric reliability why do you think people are dropping there prices and moving back
The statement that inheritance taxes depend on the location where the HEIR lives is FALSE. I live in PA. If I inherit money from someone who lived in a state with no estate/inheritance tax, I do NOT have to pay PA tax on that. However, if I die as a PA resident, my heirs have to pay the PA tax no matter where they live. The difference between the estate and inheritance tax is that the estate tax is paid off the top from the estate, whereas the inheritance tax is paid by individual heirs, and may have a different rate depending on whether they are spouse, child, sibling, friend.
That PA inheritance tax is a rip off...
That's why people move to Florida.
Even after death they're still grabbing your money.
Tax consideration should not be a reason to move to another state as long as you’re happy. Texas is the most expensive state to retire property taxis is its 14,000 on a 350 k home
Is Social Security taxed differently in each state?
Yes. Most not at all. Some like my People's Republic of Minnesota taxed consistent with Feds but with a small subtraction. In 24 only those married with 100k or less escape this terrible fate. I forgot single threshold. I think about a dozen tax it to some extent.
13 states tax Social Security benefits differently or not at all. These states are: Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia.
Alabama is one of 38 states that fully exempt Social Security from income taxes. The state will not tax any income you receive from Social Security disbursements. 😊
Best look at Florida for 2023 w property tax and now insurance. Not pretty
No state income tax. However they will find a way to get the money from you!!
I'm pretty sure Wisconsin isn' spelled with a 'Y'.
Oops - yes, Wyoming. Was looking at it and my brain must have disconnected.
Deciding where you want to live based on taxes is pathetic.
Live where you want to live and make it work.
Taxed to death and called a terrorist by your federal goverment. Whats so bad about that😬
1) shouldn't Wash and New Hamp a no state tax?
2) I thought by definition all Trad IRA are taxed at the end when taken out?
Regarding 2), after moving from a state with income tax to one without tax, you don't pay state income tax on the withdrawals. It's the one you live in at time of withdrawal you owe taxes to, not where you were when made the deferred contribution. If that state has no income tax you have no tax liability to it. 😊 No escaping Feds though.
If i withdraw from my 457 or 403b accounts, i will get taxed on Federal and State.
New Hampshire doesn't have income or sales taxes. Property taxes aren't that bad. Depending on the county
A 350,000 home in Texas expect to spend north of 13,500 a year in tax’s and insurance
Not true. I have $500k plus house in texas. $3300 tax, $1200 insurance
@@flapoverspeed quit lying man, Texas has the most expensive property tax along with all the other southern states. The average base rates is 2.2 per 100.00 in value plus mud , school and fire district. I live in Georgetown tx look it up cross contain trail is my street look at the rate. Why did you think just last year a major property tax mail fail to pass and so the only went down by 123.00 average
I own a $330k house in Houston, Texas. Only property tax I pay is $520 for water MUD. Water user rates are low. Senior, homestead, frozen, recent tax cut, etc.
It depends on where in TX you live and senior status. This video is about retirement.
You forgot Washington state, no state income tax.
And if you’re a saver and not a spender, your sales tax liability is fairly low. For larger purchases, I look to Facebook Marketplace for purchases instead of buying new.
I’m in Michigan. Can’t wait to leave High crime High taxes Terrible weather
Why don't you leave now if it's so horrible? Walk the talk.
Nice, but you missed state taxes on SS. 13 states tax SS benefits.
Wisconsin was actually Wyoming 😊!!!!....😮!❤😂
Nope, Yellowstone is in Wisconsin.
From the guy who has done "many Wyoming trusts". (click) unsubscribed
I paused at 5:18 as soon as I heard it, as I live in WI to find this comment. I'm glad I wasn't disappointed.
Yes, Mr. Mathis, WY=Wyoming and WI=Wisconsin. I know that it was a misread...happens all the time with flyover states. One dumb mistake won't have me discount you overall. (Several dumb mistakes sure...😂)
I apologize for the mistake. =)
What the hell are all these retirees doing filing state taxes? Just retire. Move. Dont file. Dont report. What are they going to do? Nothing.
Someone says you owe them money. Whats the first thing you do? Shred.
It isnt to pay the money. You should think of yourself as a black hole for money, documents, statements. Things come in, they never come out. If there is no evidence, you ignore them.
Think about it. Youre 70 years old and threatened with jail. I mean, yoy are gifted three hots and a cot and 24 hour medical suveillance. That is worht a lot of money. Much more than a few thousand in taxes.
Won’t work for property taxes because states like Texas put liens on properties when purchased. They did have a deferral at 8% annually, which is nuts unless you die there 😊
Your social security is a dream. It was given to so called economic migrants as a balance on a debit card.
Not sure where your sources are from but New Hampshire has NO income tax (or sales tax). Period.
NH does have an income tax on dividends and interest. Here is a link the NH Department of Revenue website www.revenue.nh.gov/faq/interest-dividend.htm
NH will be phasing out the tax by end of 25’. Nice that it coincides with my retirement 😊
@@BSinNH that’s the dividends and capital gains tax. I was commenting on the incorrect mention of income tax in the state.
Just move to ANY red state. Youll be fine.
The best state for "retirement" taxes is... "anywhere but a US state" as a US citizen...
So, greece is better... despite being very "high tax" since you won't pay any of those taxes...
Essentially, anywhere but France, Briton and Argentina (if only because holding cash in argentina can be kinda annoying)... 😊
Maybe politicians should spend less time with "tax scamming" other states and more time building a consistent tax structure that doesn't advantage rich crickets scumming every ant-hill they can find....
So basically, it’s so freaking complicated you can’t figure it out anyway
Leftism…isn’t it wonderful!
Greedy states 😣
Don’t move to Ohio
Stay out of blue states
Very Nice tips here. I think in Overall the Florida is the best site for Make Business and Live because the Tax Advantages, of couse have see the type the Busineess is and Personal Circuntances.
Used to be so but property taxes and home insurance has gone through the roof (pun intended) 😁
You can’t afford the home insurance now average is 5,000 a year if you can get insurance at all not to mention all the crime
Good luck with the property insurance.