Save on Taxes In Florida
Florida No. 5 nationally as ‘Best for Business’
We are happy to report that Florida ranks in the Top 5 best states for low tax burdens for businesses. This is another plus to our already excellent low tax burden for residents making Florida a great state for your residence and /or business.
WASHINGTON – Jan. 26, 2012 – The Tax Foundation says it looks at dozens of state tax provisions to create the ranking –a single easy-to-use score that measures each state’s tax climate against every other state. While some similar studies focus on residents’ tax burden they pay each year, the Index focuses on how a tax system enhances or harms a state’s businesses.
“Even in our global economy, a state’s stiffest and most direct competition often comes from other states,” says Tax Foundation economist Mark Robyn. “State lawmakers need to be aware of how their states’ business climates match up to their immediate neighbors and to other states in their region.”
The 5 best states in this year’s Index
2. South Dakota
Low Taxes Lure New Florida Residents
NEW YORK – Jan. 28, 2011 – Homeowners may start factoring in taxes more as they pick where to live, particularly as some states’ dramatic tax increases make them less affordable.
Reuters News reports that some of the states with the largest population gains from the 2010 U.S. Census are also known as low-tax states, such as Florida, Texas and Nevada.
A family of four with a $150,000 income could save $13,368 in state and local income taxes if they moved from New York to Florida, according to figures by Bob Meighan of TurboTax. They’d likely save even more when property taxes and estate taxes are figured in too.
Retirees in particular may be lured to low-tax states. After all, retirees who have money in a tax-deferred retirement account during their work years would profit if withdrawing the money in a low-tax state.
Recent tax changes have made Florida the # 4 lowest state in the U.S. for overall taxes. Florida has no state income tax or intangible tax. Florida has caps on the percentage that property taxes can go up in an appreciating market. With prices currently down and poised to appreciate again it is a great time to not only get a low price but also get a low tax assessment. The website link at the bottom provides detailed analysis state by state of total tax burden taking into consideration all taxes. Bottom line is that Florida ranks #4 for lowest state total tax burden. Wow, that is pretty exciting for a state with all the benefits that Florida and specifically Marco Island/Naples offer in great weather, beautiful beaches and subtropical scenery, low crime, excellent cultural offerings, an enviable lifestyle.
Click on Taxes by State for more details.