state income tax

i would absolutely love to live in wyoming but my wife wont move. low R/E taxes, no state taxes, low gas taxes. I can just see the "Big Horn Mountains" in my minds eye.
 
Wyoming does sound inviting

it may sound cold, but I'd tell the wife she was welcome to come along if she wanted, course that all depends on how great a marriage one has

When I was 18 I laughed at the cold and even coats. Now I'm 48 and sunny Florida sounds better all the time.

Thanks for the CapeCoral link, sounds like a good place to live.

Funny thing, comparable housing seems to cost about 3 to 4 times as much in Florida as in Arkansas, but then taxes add up to cover it, if you do well:)
 
Quote from crackedback:


The optimal situation is to live in a state with no income tax and reasonable prop taxes and shop in a state that has no sales tax.

Don't know the prop tax rates in Washington (no income tax), but another poster mentioned Oregon has no sales tax. Live in Wash close to the Oregon border.

IMO, it's a cost you pay to enjoy where you live.

Later,

Cracked
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Many people do exactly this in the Columbia Gorge, which may be the best spot on Earth for the variety of outdoor sports. Hood River, OR is just across the bridge from White Salmon, WA, or short drive to Stevenson (more upscale). All small towns, but very cool, especially HR (sports mecca with lots of good restaurants, etc, all packed into a tiny area). The area has, bar none, North America's best windsurfing, year round white water, and only year round skiing due to the glacier at Timberline. Also has epic mtn biking, hiking, fishing, etc.

As for Washington prop taxes, not sure, but well below Oregon's according to those I knew that lived on WA side (I spend summers, and a few years all year in HR). People do much if not most of their shopping on OR side.

Winter issues. Yup, rains a lot, but rarely snows at river elevation. This has become an issue with me after 5 years here, and I'm moving. Quite possibly to Texas! (Corpus Christi). Maybe overseas. I will miss the stunning beauty of the place though.

Jay
 
Quote from CoolTrader:

Traden4Alpha, are you a stock trader or commodity trader? I have heard commodity traders are considered self-employed and must pay self-employment tax.
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No.

Commodity traders actually have tax advantages over equity. Namely, the 60/40 rule. 40% income taxed at long term rates.

As for self employment taxes, it is the same as for equity traders. If you set up a biz to declare earned income for IRA's etc, then that portion is taxed (FICA). Its optional.

If you are an exchange member, to get mega low commissions, then you run into the self employment thing.

I am not a CPA, but have been trading futures for 18 years.

Jay
 
Quote from domi93:

In florida
Taxes are Calculated like this

Individual Filers, The first $250,000 of total taxable assets are exempt. Assets above $250,000 are taxed at $1 per thousand dollars of value.

Joint Filers, The first $500,000 of total taxable assets are exempt. Assets above $500,000 are taxed at $1 per thousand dollars of value.

Corporations, Partnerships and Estates - The first $250,000 of total taxable assets are exempt. Assets above $250,000 are taxed at $1 per thousand dollars of value.

The most common types of taxable assets are
Stocks
Shares or units of a mutual fund, including money market funds
Ownership interest in a limited liability company
Interest in limited partnerships registered with the Securities and Exchange Commission
Bonds
Loans
Notes
Accounts receivable not arising from your normal course of trade or busi

PD: Assets exempt from federal income tax are not necessarily exempt from Florida's intangible tax.

What is Exempt?????
well intangible property held in an individual retirement account (IRA) qualified under section 408 (IRA), s. 408a (Roth IRA), and s. 530 (Educational IRA), U.S.I.R.C., as amended.
All intangible property held in a deferred compensation plan offered to government employees and is qualified under section 457, U.S.I.R.C., as amended.
Interest in a limited partnership not registered with the Securities and Exchange Commission.
Interest in a general partnership.
Franchises.
Notes and other obligations for payment, except bonds, to the extent secured by liens on real property located inside or outside the state.
Accounts receivable that arise from, or are issued in connection with, a business' normal trade or business activity.
A trust contributing 95 percent of its income to a federally exempt organization under section 501(c)3, I.R.C., as amended.

and Companies registered under the Investment Company Act of 1940, s.80, a. 1052, are exempt from the intangible tax on the intangible property they own. This exemption does not include the shares or units issued by such funds.
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It would appear that futures or foreign currency positions would not be taxable (perhaps options as well). Also, if you're a swing or intraday trader, you could simply take your account to cash on 31 Dec. to avoid paying this tax.
 
Quote from graeco:

Why would a trader want to live in Wyoming or Alaska? Low taxes? Excellent broadband connections? Really nice winters?
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Slightly off subject...

I just moved to Idaho from Nevada. I gave up "no state income tax" (which btw, is replaced by extreme gasoline, cigarette, and various other usage and business only taxes/fees plus a 7.x sales tax)

I've got excellent broadband (choice of dsl, cable, satellite, and even wireless cable), affordable homes, low property tax, clean air, minimal traffic, very low crime rate, a relaxed way of life, cheaper gasoline (about .25 a gallon) and for the most part, nice winters. For me and my family it's well worth a maximum of 7.8% state income tax (on excess over 51K) + 5% sales tax. And the mayor doesn't drink gin as his hobby!

Osorico
 
Quote from Jayford:

No.

Commodity traders actually have tax advantages over equity. Namely, the 60/40 rule. 40% income taxed at long term rates.

As for self employment taxes, it is the same as for equity traders. If you set up a biz to declare earned income for IRA's etc, then that portion is taxed (FICA). Its optional.

If you are an exchange member, to get mega low commissions, then you run into the self employment thing.

I am not a CPA, but have been trading futures for 18 years.

Jay
More...


I thought that unless you were considered a broker-dealer (i.e., not simply an exchange member), you didn't have to pay SE taxes.
 
Quote from JangoFolly:

I thought that unless you were considered a broker-dealer (i.e., not simply an exchange member), you didn't have to pay SE taxes.
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Not sure how the newer partnership deals work where you are "an exchange member" through a LLC setup with some brokers (Electronic corporate memberships).

In the past, being an exchange member threw you in the same broker/dealer category. I'm sure there are ways arond it though. I never did it.

My main point is that futures traders are taxed pretty much the same as equity, only at a lower rate.

Jay
 
Quote from JWKirkland:

Auto Registration in Nevada sucks

I pay $2200 a year to register 3 cars in Nevada. For that matter CA sucks too, but is cheaper than NV.

In Texas it was only 60 per car per year.
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What do you mean auto registration....you mean the fee that you pay at the DMV.....:eek: thats nuts.....

Curious what your insurance per year is...

Nick
 
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
 
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