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Unless your AGi is over $150K single or $300K join filer then your state income taxes are deductible from your federal income taxes. If you're not in the top 2% of income earners then state income taxes shouldn't effect your annual bottom line after filing your federal income taxes just your monthly bring home. The same thing applies to property taxes.
I take the standard deduction... since I own my house, there is no mortgage, and without that to add to the state (and county) taxes, I don't have enough to deduct.
It's true the state will always get you somewhere. Most states without income taxes have higher sales and property taxes.
Still - I like the low income tax model. It doesn't impede your desire to earn and succeed. If you want to have more expensive stuff, you can pay tax for buying or owning it.
One other thing about Tennessee - for some time there was ambiguity whether the no-income-tax would survive. It was based on very old court precedents that might be overturned under new interpretations. But a few years ago the no-income-tax situation was placed into the Tennesee constitution under a referendum. It is something you can count on, now.
New Hampshire is the only other state in the east aside from Florida, without an income tax. They tried to add it to their constitution recently, but it takes a very tough 2/3 vote to do it, and I think the vote was 57% or so. You have to "trust" the legislature there not to implement one, if you move.
Of course not. There are state exemptions and allowances to subtract from the gross, just like federal taxes. I can't really help with actual amount, because we have mainly Sociual Security income, and it is mostly exempt. We paid only $36 in state income tax last year.
You should really look at the total picture, including how much you would pay in property taxes, sales taxes and hurricane insurance in Florida. Then look at the better quality of life you would have in North Carolina.
Thanks. I know property tax is less in NC. Sales tax is the same, maybe more because there is tax on groceries.
I haven't looked into home owners insurance yet...hopefully that is less.
Plus making 100k or 300k combined is damn near impossible there lol.
See what your salary in Asheville would be, first and foremost.
I'm self employed and bringing out of state money into NC. But the state income tax of NC makes me think twice about moving. The savings in property tax won't make up for the increase in states income tax I'll have to pay. The sales tax is similar. Vehicle tax is more in NC too by a few dollars.
Thanks. I know property tax is less in NC. Sales tax is the same, maybe more because there is tax on groceries.
I haven't looked into home owners insurance yet...hopefully that is less.
I do think quality of life may be better in NC.
Quality of life just depends. I live in Seminole Co, which when you consider safety, schools and income level among residents... You pretty much cannot find in WNC. Pay is awful in Asheville as well.
But if you're looking at Asheville and moving from, say, Opa Locka or a run down area with high crime Etc... Then yes, definitely.
I'm in Florida considering moving to NC. The idea of a state income tax is bewildering.
Someone who makes $100,000 per year would really pay $5,750 to the state?
I wish we could find a great city in eastern Tennessee to live in, but we like NC better.
I am in exactly the same mindset as you. There are many other fees/charges that NC has that Fl does not, it seems that the taxes paid by the Mouse House here in Orlando really balances out some costs for the residents.
I am in exactly the same mindset as you. There are many other fees/charges that NC has that Fl does not, it seems that the taxes paid by the Mouse House here in Orlando really balances out some costs for the residents.
Exactly. Plus people come here by the millions just to go to the beaches.
But I'm done with this heat and flat land
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