Here it comes - a big wave of personal change! Time for everyone to start a New Year’s resolution and a journey towards bettering some aspect of their life. Okay, fine, not everyone, but most. Gyms will be crowded as people work towards new fitness goals, restaurants will be empty as their patrons make an effort to save more money, managers will be patient and helpful, workers will be more focused and driven (albeit not caused by their manager’s changes), and, as a whole, everyone may seem a little happier, nicer, and more productive.
The year is coming to an end and that means it is time to start preparing for tax season. For most of us, we’ll be gathering information to submit our tax returns to both the federal and state governments. However, for seven states (eight by 2022), the folks who reside there are not subject to state income tax – Alaska, Florida, Nevada, South Dakota, Texas, Washington, Wyoming, and Tennessee (2022). We are going to take a more in-depth look at one of these states, Florida, to get a better understanding of the tax situation for a state which does not tax personal income.