Support our online development, and advance our onground research initiatives in free market economics, as we seek to showcase the brightest Next-Gen minds.
THE ME-P DISCLAIMER: Posts, comments and opinions do not necessarily represent iMBA, Inc., but become our property after submission. Copyright © 2006 to-date. iMBA, Inc allows colleges, universities, medical and financial professionals and related clinics, hospitals and non-profit healthcare organizations to distribute our proprietary essays, photos, videos, audios and other documents; etc. However, please review copyright and usage information for each individual asset before submission to us, and/or placement on your publication or web site. Attestation references, citations and/or back-links are required. All other assets are property of the individual copyright holder.
By SMART ASSET
***
***
If shrinking your tax liability is high on your list of priorities, a few states stand out. The winners in the list below either have no state income tax, no tax on retirement income, or a substantial discount on the taxes levied on retirement income. But that’s just the start.
CITE: https://www.r2library.com/Resource/Title/082610254
While several additional states have no state income tax, the states that made our list also have favorable sales, property, inheritance, and estate taxes.
- Alaska
- Florida
- Georgia
- Mississippi
- Nevada
- South Dakota
- Wyoming
If those seven locations aren’t ideal, consider the next tier of tax-friendly states. Tax benefits aren’t quite as high as those above, but they do stand out in one specific category: no taxes on social security income.
That’s not to say they don’t make up for it in other areas, however. Washington State, for example, has no state income tax, but does have a 6.5% state sales tax. Still, it’s always beneficial to avoid income tax when possible.
- Alabama
- Arkansas
- Colorado
- Delaware
- Idaho
- Illinois
- Kentucky
- Louisiana
- Michigan
- New Hampshire
- Oklahoma
- Pennsylvania
- South Carolina
- Tennessee
- Texas
- Virginia
- Washington
- West Virginia
***
***
COMMENTS APPRECIATED
Thank You
***
Share this:
Filed under: "Ask-an-Advisor", Accounting, Retirement and Benefits, Taxation | Tagged: IRS, retirement, SMART ASSET, States for Minimizing Taxes in Retirement, taxes, Taxes Retirement |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Leave a Reply