Nov. 30 is the deadline to reverse, replace or reinvest any unwanted 2009 Required Minimum Distributions (payouts) from retirement plans.
The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Most changes need to be in place by December 31 to reduce your current year taxes, and sooner implementation results in greater savings, so act now!
11/25/09
11/12/09
Is your tax planning impacted by how many public employees and retirees are on the state dole?
Who pays the benefits for public employees and Medicaid benefits in your state? These authors (http://www.forbes.com/2009/11/11/taxes-employment-government-business-beltway-tax-burdens.html) argue that private sector employment pays and the ratio of private employment to public employees and beneficiaries is an indicator of your state's financial health and future prospects. New Mexico and Mississippi have almost a 1:1 ratio. Increases in benefit enrollment and government pensions coupled with decreases in private employment would further impact state budgets and ability to pay contractural obligations. Tax strategies should consider this indicator among other inputs; for example, are some states' tax-free municipal bonds going to be adversely impacted by these conditions in poor economic times?
The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Most changes need to be in place by December 31 to reduce your current year taxes, and sooner implementation results in greater savings, so act now!
The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Most changes need to be in place by December 31 to reduce your current year taxes, and sooner implementation results in greater savings, so act now!
11/5/09
The worst states for taxes
The Tax Foundation in Washington, D.C., has released its annual State Business Tax Climate Index. Based upon 112 variables in five component indexes, the best rankings reward those states that more completely and consistently apply the following principles:
•Good state tax systems levy low, flat rates on the broadest bases possible, and
•they treat all taxpayers the same. Variation in the tax treatment of different industries favors one economic activity or decision over another.
•The more riddled a tax system is with politically-motivated preferences the less likely it is that business decisions will be made in response to market forces.
The ten worst states (from least worst to ultimate worst) are: Vermont (#41),
Wisconsin, Minnesota, Rhode Island, Maryland, Iowa, Ohio, California, New York, and New Jersey (#50).
Anyone in any state would benefit from pro-active tax planning, but if you live in these states, you stand to benefit the most from tax strategies that minimize the amount of tax that you legally owe. If you live in those states, you stand to lose the most as you continue to postpone active strategies that could reduce your overall tax burden.
Tea party protests don’t reduce your taxes – pro-active tax strategies do!
The full study can be found on the Tax Foundation website: www.taxfoundation.org/files/bp59.pdf.
The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Most changes need to be in place by December 31 to reduce your current year taxes, and sooner implementation results in greater savings, so act now!
•Good state tax systems levy low, flat rates on the broadest bases possible, and
•they treat all taxpayers the same. Variation in the tax treatment of different industries favors one economic activity or decision over another.
•The more riddled a tax system is with politically-motivated preferences the less likely it is that business decisions will be made in response to market forces.
The ten worst states (from least worst to ultimate worst) are: Vermont (#41),
Wisconsin, Minnesota, Rhode Island, Maryland, Iowa, Ohio, California, New York, and New Jersey (#50).
Anyone in any state would benefit from pro-active tax planning, but if you live in these states, you stand to benefit the most from tax strategies that minimize the amount of tax that you legally owe. If you live in those states, you stand to lose the most as you continue to postpone active strategies that could reduce your overall tax burden.
Tea party protests don’t reduce your taxes – pro-active tax strategies do!
The full study can be found on the Tax Foundation website: www.taxfoundation.org/files/bp59.pdf.
The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Most changes need to be in place by December 31 to reduce your current year taxes, and sooner implementation results in greater savings, so act now!
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