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Many states in America such as California have extremely high income taxes. However, this doesn’t mean that every state has income taxes. In fact, there are some states in America that don’t have income taxes at all.
In this video, tax expert Karlton Dennis explains which states in America do not have any income taxes. Every year, many people move to these states in order to take advantage of the lack of state income taxes. Karlton also explains some interesting facts about these states and how some of them got their tax policies.
Some of the states that are included in this video are Florida, Alaska, and South Dakota. But, there are many more. This video is ideal for anyone who wants to learn which states do not have state income taxes. However, it is important to note that just because a state does not have income taxes doesn’t mean that it does not levy taxes at all. There are other forms of taxation such as property taxes that these states impose to generate revenue.
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#Stateswithnoincometax #Notaxstates #incometaxes #taxes #KarltonDennis #Statetaxes #incometax
16 Feb 2024TRANSCRIPT
529 Plans - HUGE New Rule Changes Explained
For many years, 529 plans have been one of the best ways to save for education expenses such as college tuition or books and school supplies. However, up until recently, people who wanted to spend money from their 529 accounts on anything besides qualified education expenses were forced to pay additional taxes and penalties on the money that they withdrew.
But, starting in 2024, a massive rule change is going into effect for 529 plans. This change will allow people to roll over leftover funds from their 529 plans into a Roth IRA account that they can use to save for retirement in a tax-advantaged way.
In this video, tax expert Karlton Dennis breaks down everything you need to know about this historic change to 529 plans. This new rule change for 529 plans is so significant that it could dramatically impact the way that people save for both education and retirement. If you want to save for either of these things, then this is a great video for you to watch.
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#taxes #taxfreeliving #taxexpert #taxreduction #llc
12 Feb 2024TRANSCRIPT
BIG Changes Are Happening to 401(k)s in 2024
Over the last two years, there have been some major changes to 401(k) retirement plans. Tens of millions of Americans have these plans and so these changes are going to impact a significant portion of the population of the United States. If you have a 401(k) plan, then you need to be aware of all of the key changes that are happening to these plans.
In this video, tax expert Karlton Dennis explains all of the most important changes to 401(k) plans that will be going into effect in 2024. Many of these changes were created through the Secure 2.0 Act. He also explains what this act is and why it came to be.
Some of the changes that are going into effect for 401(k) plans involve contribution limits, penalty-free early withdrawals, required minimum distributions (RMDs), student loan payments, and more. This video is a must-watch for anyone who wants to learn more about 401(k) changes, and who doesn’t want to be caught unaware of the new rules
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#taxes #taxfreeliving #taxexpert #taxreduction #llc
Inside a recent episode
The 9 States With ZERO Income Tax
Published 19 Feb 2024 · Transcript excerpt
[…] Just like in Washington, there are neither personal income taxes nor state income taxes in Wyoming. There are also no state retirement taxes and low sales tax rates in the great state of Wyoming. This means that residents of the state pay some of the lowest overall taxes in the entire country. Now, in addition to enjoying low tax rates, residents of Wyoming also get to enjoy having the famous Yellowstone National Park in their state. Although this national park spreads into parts of Montana and Idaho, the bulk of the park is actually in Wyoming. Over three million tourists visit this incredible national park every year and are amazed by the stunning wildlife, the mountains, the rock formations, and the geysers like Old Faithful. […]
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