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state income tax question?
i live in texas, where there is no state income tax, is their a benefit to living in a state with no state income tax vs. a state with a state income tax
7 Antworten
- newbieLv 4vor 1 JahrzehntBeste Antwort
Yes! You get to keep more of your money. Your federal taxes are not affected by your state tax (except you don't get to deduct state taxes paid if you itemize...because you didn't have a state tax to pay) so you are ahead by not having a state income tax.
It may be true in some cases that other taxes such as real estate, school, and sales taxes, might be higher because of no state income tax, but I don't think that's the case in Texas. My experience, having lived in several states, is that the more taxes you pay at the state level, the more you pay at local too. States like PA, where I live, just tax the pants off of everyone.
So enjoy not having a state income tax!
- JudyLv 7vor 1 Jahrzehnt
The obvious answer of course is yes, it's better because you don't pay the state income tax. But it's really more complicated than that, since a state without an income tax either gets money some other way but most likely from you, or provides less services, or both.
- DJLv 5vor 1 Jahrzehnt
If you don't have income tax, you probably have a sales tax - how else does Texas get money to run the state? I'm sure the oil executives don't give big donations to the state every year...
So - you have to look at other taxes - are there local city taxes? Are property taxes higher? Is the sales tax higher?
- Anonymvor 1 Jahrzehnt
I live in a state with income tax. I paid about $1,000.00 to the state. Based on if I lived in TX then I would have save that money. You should also check to see what other state service are provided and what your cost for those services. It is my thinking that states without income taxes make up the difference by charging more for services. Like property taxes and sales tax.
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- vor 1 Jahrzehnt
For some states that have no income tax, the sales tax is usually higher. you should research states.
- tsengLv 4vor 5 Jahren
Forms and Publications Includes all US federal tax types and recommendations, adding W-two, W-four, 1040, 1040EZ, 1099, and 4868. www.irs.gov/formspubs/index Most states have a web page in which you'll download there types as good.
- vor 6 Jahren
I have a daughter with four kids and i have carried two of them on my yearly taxes due to being of assistance on needs plus i carry insurance on them, am i not allowed to carry them because my daughter receives medicade?