Here are the best and worst states for taxes

Personal Finance

Sales taxes, property taxes and other levies such as vehicle taxes also vary from state to state, as well as taxes on things like gas or cigarettes.

For retirees, state of residence can make a big difference when it comes to how much of their income goes to taxes. In addition to some states not taxing Social Security, others don’t tax income from retirement accounts such as 401(k) plans, individual retirement accounts and pensions.

Still others extend specific breaks to people age 65 or older. Estate taxes also vary from state to state. And, of course, some states offer very little tax relief for retirees.

The chart below shows how each state ranks.

Dark blue = most tax-friendly
Light blue = tax-friendly
White = mixed
Peach = not tax-friendly
Red = least tax-friendly

For details on each state, visit the full Kiplinger map.

Source link

Products You May Like

Articles You May Like

Kraft Heinz, Dropbox, Zillow and more
Stashing cash finally pays, thanks to high-yield savings accounts
DBS CEO Piyush Gupta on fourth-quarter earnings, global growth outlook
Freeport-McMoRan could rally another 15 percent before hitting a wall
How my father’s mistakes inspired me to buy stocks

Leave a Reply

Your email address will not be published. Required fields are marked *