state and local tax

No State Income Tax, No Problem: A Look At Florida’s Taxes

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.

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Posted 11/29/2018

SALT Deductions: Property and Income and Sales Tax, Oh My!

SALT deductions. Sounds like something that your doctor recommends when you go for your annual physical – which I know we all do every year without exception. However, that’s the NaCl type of salt and not what we’re talking about here.  So, what is this deduction you might ask. It’s the amount you can deduct from your federal income due to State And Local Taxes you have paid, commonly referred to as SALT.

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