article thumbnail

State Income Tax Planning Considerations for a Liquidity Event

Withum

Make sure you are considering the type of income when implementing state income tax planning techniques. State Tax Rates States without personal income taxes allow taxpayers to significantly reduce their overall tax liability. In addition, some states have flat tax rates, such as Pennsylvania and Illinois.

article thumbnail

The Benefits of Delayed Business Filings

CPA Practice

Administrative considerations: If administrative or logistical challenges could cause delays, planning for a later filing date may provide the necessary time to address and overcome these issues. States with tighter schedules include Illinois and New York (up to 60 days) and Virginia (up to 15 days).

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Professionals on the Move – August 2023

CPA Practice

Morris has over 10 years of public accounting experience in various areas of tax compliance and consulting. He is experienced in working with the management of closely held businesses in implementing tax-planning strategies, as well as providing private equity and capital groups with tax forecast, advisory and compliance-related services.

article thumbnail

The 10 Best Property Taxes By States in 2021: Move Here to Save Money!

LyfeAccounting

This is interesting because Wyoming actually has the lowest population out of any other state in the U.S. Wyoming only has a 0.61% property tax rate but that’s not the end of the story t here. These are the top 10 states with the best property taxes. with o nly about 500,000 plus people living there.

article thumbnail

The 10 States With the Lowest Property Taxes in 2021

LyfeAccounting

This is interesting because Wyoming actually has the lowest population out of any other state in the U.S. Wyoming only has a 0.61% property tax rate but that’s not the end of the story t here. These are the top 10 states with lowest property taxes. with o nly about 500,000 plus people living there.

article thumbnail

Maximizing Profits Through Proper Tax Planning

MyIRSRelief

With more than 30 million small businesses in the US, effective tax planning is essential to maximizing profits and minimizing taxes, keeping more of what is earned, and lowering your taxes for the future. No Individual or Corporate Income Tax: Nevada, South Dakota, and Wyoming.

article thumbnail

2022 Year-End Tax Planning Checklist

Withum

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2022 that are phased out over varying levels of adjusted gross income (AGI). million in 2023).