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Old 03-26-2014, 01:33 PM
 
Location: in a cabin overlooking the mountains
3,078 posts, read 4,367,460 times
Reputation: 2275

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Quote:
Originally Posted by Nonesuch View Post
If I ever get to the point where I'm making more than $2400/year in interest and dividends, I don't think I'll complain too much about paying tax on the excess.
How about if you make more than $75,000 as a freelancer on 1099-misc basis or have a sole propietorship or LLC as opposed to having $75,000 reported on a W-2? You can be doing the exact same work, you pay the Feds for social security and medicare at a rate of about 15 % when you file with the IRS, plus you pay your health insurance out of pocket since you don't get employee benefits. But NH requires a return in the first case but not in the second. Smells like an income tax to me.
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Old 03-26-2014, 02:12 PM
 
Location: The Woods
18,337 posts, read 26,427,339 times
Reputation: 11335
They didn't include Alaska under lowest property taxes either. Most of Alaska by area has no property taxes. Very poorly done report.
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Old 03-27-2014, 05:29 PM
 
Location: Southern NH
2,541 posts, read 5,838,511 times
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Wow. I moved from MA to NH in 1995. The taxes situation is a stark contrast. Everyone talks about the "high" NH property taxes... The rate is high but the valuations are lower. Move my house to a similar town in MA and the valuation would be much higher, the tax rate lower, but the actual dollars paid about the same... Meanwhile, no state income tax, no capital gains tax, no sales tax... car insurance is much lower.... yeah, I'll move back to MA when hell freezes over...
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Old 03-28-2014, 10:02 PM
 
Location: Florida
2,011 posts, read 3,544,456 times
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Quote:
Originally Posted by FrugalYankee View Post
How about if you make more than $75,000 as a freelancer on 1099-misc basis or have a sole propietorship or LLC as opposed to having $75,000 reported on a W-2? You can be doing the exact same work, you pay the Feds for social security and medicare at a rate of about 15 % when you file with the IRS, plus you pay your health insurance out of pocket since you don't get employee benefits. But NH requires a return in the first case but not in the second. Smells like an income tax to me.
You are quite correct. When I recently considered moving back to NH I was shocked to learn that my overall tax burden would be slightly higher there than where I was living in CA. As an S-Corp owner, NH does not recognize the pass-through nature of an S-Corp and would tax my business income. It's one of the only, if not the only state to do so.
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Old 03-28-2014, 10:50 PM
 
6,546 posts, read 6,703,323 times
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Quote:
Originally Posted by CarawayDJ View Post
You are quite correct. When I recently considered moving back to NH I was shocked to learn that my overall tax burden would be slightly higher there than where I was living in CA. As an S-Corp owner, NH does not recognize the pass-through nature of an S-Corp and would tax my business income. It's one of the only, if not the only state to do so.
There are at least 5 other states that tax S-corps. Not that I'm in favor of such a tax....I'm not.
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