state income tax

Puddlefoot · Jun 19, 2005

Quote from NKNY:

Can anyone tell me what the average property taxes are in florida....

We may be looking to get a place in florida for mom who is coming back to the states after living in Greece for a number of years... I think we are thinking on the gulf side...something by or on the water....

I actually should go down there and take a look around...

Nick

NKNY,
Manatee County, west gulf coast= 2004=$17.00 per thousand of taxable value. There is a $25000.00 homestead exemption.

It's not so bad for us old timers who have been in the same home for many years as the assessed value remains low till the property sells, then look--out.

Mike.

phenomena · Jun 19, 2005

Quote from LelandC:

Anyone here from Tennessee? I see they don't have a state income tax although it looks like they do tax interest and dividends. How is the cost and quality of living in TN? What are some good areas? How is the weather?

Leland

went to school and lived in nashville TN for a while, great schools, lots of great suburbs, low $$ for much nicer houses, lots of good things to say, BUT for a 20 something trader, i preffer nyc/la/chicago/miami, but if your in the right mode, married and or kids, in domestic mode etc. its a fine place IMO

stockerup · Jun 19, 2005

A few months back I researched this out and came to the conclusion that Texas was the best choice. Tenn. was second. These two states are not as exotic as some of the others but, financially they make more sense.

Keep in mind that what you don't pay in income taxes, you will make up in sales and property taxes.

birdman · Jun 19, 2005

for some, another consideration would be that you only have to spend 6 months of the year in Florida (or probably any state) to file your taxes as a Floridian

You have to wonder about those rich cats that travel the entire world on a regular basis, they probably get their mail in a no state income tax state ... have accounts there and if they are only home 8 weeks out of the year, who cares, they are still a resident of that state.

There are precious few worthwhile legal ways to avoid federal tax, but i imagine there mght be ways to file as a Floridian or a Texan without spending much time in the state. Now mind you, it's definitely not worth risking if it's illegal, but if it's legal, then it's exploitable

WinSum · Jun 19, 2005

There been a few States mention here for low/no state income tax but people who trade for a living has different criterias.

Which States has the lowest or no state capital gain tax and no asset tax ?

Asset Tax is worse than income tax for traders because you will have to pay asset tax even if you have a losing year.

Thx

NKNY · Jun 20, 2005

Quote from Puddlefoot:

NKNY,
Manatee County, west gulf coast= 2004=$17.00 per thousand of taxable value. There is a $25000.00 homestead exemption.

It's not so bad for us old timers who have been in the same home for many years as the assessed value remains low till the property sells, then look--out.

Mike.

So a home assessed for 200,000 will run you about 3400 in taxes.

Thanks for the info....

Nick

birdman · Jul 16, 2005

A quick search at Google for "mail forwarding service" shows a few Nevada mail forwarding services for RVers, world travels, and those who want to maintain a legal Nevada resident status for tax reasons.

Of course, I'm thinking one would have to license his vehicles there too. But the real question is could a person use a service like this in Nevada or Texas or any state without a state income tax, in order to avoid state taxes?

Would it be legal

CoolTrader · Jul 16, 2005

You also need to consider the time zone. If you live in Pacific time zone and trade CBOT, you have to start working at 5:00 am. I think Central time is the best.
As for property tax, I don't think it's important compared to state income tax.

Jayford · Jul 16, 2005

Quote from birdman:

A quick search at Google for "mail forwarding service" shows a few Nevada mail forwarding services for RVers, world travels, and those who want to maintain a legal Nevada resident status for tax reasons.

Of course, I'm thinking one would have to license his vehicles there too. But the real question is could a person use a service like this in Nevada or Texas or any state without a state income tax, in order to avoid state taxes?

Would it be legal

I used to do this with a Florida company, but only cause i moved around so much.

I think South Dakota is the State of choice for this now as they make it really easy and cheap for you to renew DL's and auto registration.

Is it legal? Only if you really do cruise an RV, or live outta the country. If you live in a state with income tax and do this, its illegal as can be. They will punish you big time if you get caught.

birdman · Jul 16, 2005

The top five states where the tax burden as a percent of income is the highest are: Maine (13.0%), New York (12.0%), Hawaii (11.5%), Rhode Island (11.5%), and Wisconsin (11.4%). The United States average is 10.1%. The District of Columbia is 12.2%.

The five states with the lowest tax burden as a percent of income are: Alaska (6.4%) 50th, New Hampshire (7.4%) 49th, Delaware (8.0%) 48th, Tennessee (8.3%) 47th, and Alabama (8.7%) 46th. Alaska has the lowest tax burden because it levies significant severance taxes on oil extracted from the state - taxes that are included in the price of oil sold thereby enabling Alaska to collect taxes that are paid by consumers across the country. As a result, the state sends checks to all residents at tax time.