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Excise Tax versus Sales Tax

TaxConnex

Soon after you start dealing with states’ sales tax, you’re going to also run into another term: excise tax. What is excise tax? And is it different from sales tax? A different kind of tax pie. Federal, state, and local governments can all impose excise taxes. Calculating and Charging.

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Some States Are Looking to Abolish Property Taxes Entirely

CPA Practice

“But now, because they’re no longer earning income, they’re forced to sell that house because property taxes have become unaffordable.” Tammy Miller, who is running for governor, has come out against a property tax elimination measure in that state, saying it “would cause more problems than it would solve.” North Dakota GOP Lt.

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How the 50 States Rank By Tax Burden

CPA Practice

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

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How the 50 States Rank By Tax Burden

CPA Practice

Unlike tax rates, which vary widely based on an individual’s circumstances, tax burden measures the proportion of total personal income that residents pay toward state and local taxes, according to WalletHub. Maine has the highest property tax burden, while Alabama has the lowest. 1 being the highest and No.

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The accountant’s guide to state taxes on retirement income

ThomsonReuters

As an accountant, understanding state tax considerations for various sources of retirement income — including pensions, Social Security benefits, 401(k) and IRA distributions, Thrift Savings Plans (TSPs), and military retirement income — is crucial in helping your clients minimize their tax liability and make the most of their golden years.

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Are Interstate Telecommuters During COVID-19 a Sales Tax Liability for Your Company?

ThomsonReuters

In some states, for example, a single employee working in the state can trigger sales and use tax collection obligations for their employer, even if the company does not have any other physical presence in the state and its sales into the state do not trigger dollar or volume thresholds that would otherwise necessitate collection.

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A List of the 10 Worst Property Taxes By States

LyfeAccounting

We tried to find some fun facts about Nebraska, but we’ve got nothing other than the fact that Kool-Aid was invented there if you’re old enough to remember those days. And its property tax rate is also not so fun. Nebraska’s property tax rates are even higher than New York’s, coming in at 1.73%. So what’s going on?