Which states have unusual tax laws regarding gains on investments?
- Which states have the highest income tax rates (based on the highest tax brackets)?
- Which states have flat-rate income taxes?
- How many states increased their taxes from 2009 to 2010?
- Do I need to file my state income tax each year?
- How do I find out if I have been delinquent in paying for my state taxes in previous years?
- What is a "sales tax"?
- Do all states have sales taxes?
- What state has the highest sales tax?
- What states have no sales tax?
Many states have unusual ways of treating investment gains, according to editors at Forbes. New Jersey does not allow taxpayers to carry forward capital losses from year to year, as is allowed for federal tax purposes. Tennessee taxes its residents on capital gains earned from the sale of mutual funds, but not on the sale of individual stocks. New Jersey, Connecticut, Kentucky, and Ohio grant tax exemptions to residents on gains made on the sale of their own state's bonds.
Which states have the highest income tax rates (based on the highest tax brackets)?
New Jersey, New York, Connecticut, Maryland, and Hawaii.
Which states have flat-rate income taxes?
The seven states that have a flat-rate income tax are Colorado, Illinois, Indiana, Massachusetts, Michigan, Pennsylvania, and Utah. All other states either have no income tax or use a marginal or bracket system, depending on income, similar to the federal marginal tax system.
How many states increased their taxes from 2009 to 2010?
According to the National Conference of State Legislatures, 12 states increased their taxes by more than 1%, 37 states made no notable changes to their state's taxes, and one state actually decreased its taxes by 1%. The good news is that, for the most part, states decreased the personal income tax, but increased taxes on many consumption items, such as fuel and tobacco.
Do I need to file my state income tax each year?
Depending on which state you live in, and if your adjusted gross income is higher than the personal exemption amount on your state's form, if you file a federal tax return, you should also file your state's tax return.
How do I find out if I have been delinquent in paying for my state taxes in previous years?
You may write to the customer inquiries department at your state's treasury department, or check the website for the state in which you live to find out if you owe any past due amounts.
What is a "sales tax"?
A sales tax is a tax levied by a state on the sale of goods and services.
Do all states have sales taxes?
Five states do not have a sales tax. In others, the sales tax can be anywhere from 2.9% to 7.5%
What state has the highest sales tax?
California has the highest state sales tax rate, at 7.5%.
What states have no sales tax?
The five states with no sales tax are Oregon, Alaska, Montana, Delaware, and New Hampshire.
Depending on the state you live in, sales taxes can range from nothing on up to 7.5%.