Tuesday, June 16, 2015

Can you really save money by moving to a state with no income tax?

Here in the United States,, tax time has a very unique set of challenges. Everyone shares the trials of filing for the federal tax returns, but then there is an added level of difficulty when filing for state income tax returns. Every year, in most states of the union there is an ongoing struggle to determine what is owed, what wa collected, and if there is a return due.

But it's possible to escape the state tax return process entirely, just by moving to a state that doesn't impose an income tax!

Here in the United States, nine states collect no income taxes from residents, an effective raise of anywhere from 1 to 15 percent.

Those states are Florida, Alaska, Nevada, South Dakota, Texas, Washington, Wyoming, Tennessee and New Hampshire. One of the most glaring things you might notice about these states is that the cost of living is relatively low, outside of New Hampshire, and the quality of life is pretty high.

These states offer great opportunities to save money and live better, with lower than average unemployment and great opportunities for cheap housing.

When you add in the effective raise of a zero percent income tax, it makes them look like great places to relocate!

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