Tax Considerations for Retirees Searching for Tax-friendly States
Find out why so many retirees flock to the Sunshine State....it's not just because of the weather - it's because of the great Tax Planning Strategy:
With savings for millions of older Americans now significantly less than a year ago, retirees and those nearing retirement age are looking more closely to make sure high taxes don’t further tarnish their golden years, according to CCH.
“Individuals factoring taxes into their decision on where they retire need to look at the range of tax obligations they may have as taxes come in all shapes and sizes,” said CCH State Tax Analyst Kathleen Thies, JD. “They also need to understand that taxes change and, with most states experiencing significant budget tightening, 2009 will likely be a year of considerable tax change across the country.”
Among the taxes seniors need to consider, according to Thies, are income tax, property tax and sales tax.
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