The Internal Revenue Service today announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel. These taxpayers now have until Oct. 7, 2024, to file various federal returns, make tax payments and perform other time-sensitive tax-related actions.
While Tax Day 2024 is April 15, each year, the IRS extends tax deadlines for taxpayers in certain areas impacted by severe storms and natural disasters.
The IRS announces these tax deadline extensions for various states as disasters occur and these new tax deadlines are usually different for different states. In addition, the individual states may or may not conform their state tax deadlines to the extended federal tax deadlines.
Did you know that there are several categories of income are not taxable in the eyes of the IRS?
If you want to pay less when you retire, moving to one of the states that don’t tax retirement income might be one way to do that. So, if your retirement income includes Social Security benefits, distributions from a 401(k) or IRA, or a pension, you might want to consider one of these states.
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.