Living in a state with no income tax sounds like it would be a great thing, since the cost of living always has to include the overall tax burden of where you want to live.  However, there are many factors and types of other taxes to consider in addition to if the state has no income tax. 

In this article, I want to present some things you need take a look at, so you can decide whether states with no income tax are actually better for your finances.

Currently, there are nine states that have no personal income tax: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. Living in these states technically allows you to keep more of your hard-earned money in your pocket. Having no state personal income tax deducted from your paycheck makes these states attractive to many people.

Crowdfunding has become a very popular way for individuals to raise capital. It typically involves funding a project or venture by raising contributions from a large number of people, typically through online crowdfunding sites. Crowdfunding campaigns fund a broad range of projects, from producing a product or new technology to supporting a charitable cause.  Those supporting a product using can buy the product at a reduced price.

The IRS is cracking down on more tax cheats this year but they don't enforce this standard on thousands of their own employees.

While 96% of IRS employees fulfilled their tax obligations last year, a significant share were delinquent, owing almost $50 million in federal taxes, a new oversight report found. This certainly raises questions when we are constantly hearing about the IRS efforts to enforce tax compliance and restore "fairness" in the nation’s tax system by starting with non-compliant taxpayers.

One of the subjects that politicians and the main street media love to push is that the rich don't pay their fair share of taxes.  But is that really true?  I thought I would give you some real statistics and let you decide.  Here is the latest data available from the IRS for 2021, in which the tax burden on high-incomers rose:

The top 1% of individual filers paid 45.78% of all U.S. federal income taxes, although they created only 26.3% of the total adjusted income.  These are people that had an AGI of more than $682,577.

The highest 5% paid 65.64% of total income tax, while the only created 41.99% of the total adjusted income and had an AGI of more than $252,840 or more.

One of the darlings of the Climate Change crowd is how wind power can save the planet.  The real truth is that it is more harmful than the other forms of energy production.  Here are some the REAL facts about wind farms, especially offshore ones:

It appears that all that money you make with cryptocurrency can't be hidden anymore.  The Internal Revenue Service has issued final regulations that require custodial brokers to report sales and exchanges of digital assets. These reporting requirements are meant to help taxpayers file accurate tax returns with respect to digital asset transactions, which are already subject to tax under current law.

Social Security-related scams are very common, according to a March report from the Federal Trade Commission, which said it’s the number one “government imposter scam in the United States.”   In 2023 alone, consumers reported losing more than $126.5 million in Social Security-related scams.  That's millions!

The U.S. Social Security Administration announced this week that a $600 payment increase scam has been promoted online. Social Security Commissioner Martin O’Malley said, “Reports of a $600 payment increase are FALSE, please be aware and don’t fall for this stunt.”

The general rule is that business travel expense deductions are only available to business owners, but don't count yourself out of those deductions just yet.   Let's explore the ins and outs of the business travel deductions to ensure you make the most of every business trip.

To start out with, the IRS provides details on business travel tax deductions in IRS publication 463, and the the rules allow a variety of travel expenses to be deducted, including: