How the New Mexico Property Tax Works
If you’re considering buying a home in New Mexico, popularly referred to as the Land of Enchantment, you’re in luck: the state offers some of the lowest effective property taxes in the country. Homeowners in New Mexico pay a median annual property tax of $1,557, which is approximately $1,200 less than the US average. Similarly, […]
Nevada Property Tax: Key Highlights
Nevada property taxes fund community amenities such as roads, schools, and police. However, Nevada property tax rates are among the lowest in the United States. The state’s average effective property tax rate is only 0.48%. That rate is significantly lower than the national average of 0.99%. Nevada property tax abatement law protects homeowners against excessive […]
Arizona Property Tax: Get to know your tax
Any person who owns real estate in Arizona is also liable for Arizona property taxes in addition to state income taxes. Real property tax regimes impose financial obligations on land and building owners depending on the value of their properties. State real estate taxes vary across the U.S., with Arizona’s likely being higher than Wisconsin’s […]
California Property Taxes: What You Need to Know
Any person who owns real estate is also liable for state real property taxes in addition to state income taxes. Real property tax regimes impose financial obligations on land and building owners depending on the value of their properties. State real estate taxes vary across the U.S., with California’s likely being higher than Wisconsin’s or […]
How Much Is the Average Tax Refund and When Will I Get Mine?
How much is the average tax refund and when will I get mine? So far in 2023, the IRS has issued roughly 86 million tax refunds. Here is the average wage. You can check on the status of your refund using the IRS Where’s My Refund? tool. The tool is available 24 hours after e-filing […]
California Exit Tax: Understanding the Implications for Exiting Taxpayers
Key Takeaways: Exit Tax vs. Capital Gains Tax: While the Exit Tax is specific to certain exiting taxpayers, capital gains taxes apply to various investment gains, regardless of residency. Pre-Exit Planning: Proper planning may involve restructuring assets, timing the exit strategically, or considering trusts to manage their financial affairs efficiently. Residency Status Matters: Establishing non-residency […]
Solo 401k Contribution Deadlines: The Ultimate Guide for 2023
The Solo 401k is a popular retirement savings option for self-employed individuals and small business owners. It offers attractive contribution limits and the flexibility to contribute as both an employee and an employer. In this comprehensive guide, we’ll cover the 2023 Solo 401k contribution deadline, limits, and even a comparison with other savings plans to […]
Form 1040: A Step-By-Step Guide To Gain Income Tax Return
Filing your income tax return may seem daunting, but with the right guidance, you can navigate the process with ease. This comprehensive guide will walk you through the steps of filling out IRS Form 1040, ensuring you meet your tax liabilities accurately and efficiently. Let’s get started! Key takeaways Form 1040 is designed for individual […]
How to Avoid Taxes on Lump Sum Pension Payout?
Once your pension reaches its maturity, there are various ways to receive your funds. Unfortunately, some of these methods can lead to tax liabilities, reducing your overall payout. Nevertheless, there are a few solutions on how to avoid taxes on lump sum pension payout. Let’s explore how to achieve this and stay away from unnecessary […]
401k To IRA Rollover: A Comprehensive Guide
If you’re considering transferring your retirement savings from a 401k account to an individual retirement account (IRA), you’ve come to the right place. In this guide, we’ll provide you with a step-by-step overview, important considerations, and solutions to common concerns about 401k to IRA rollover to help you drive your financial plan to the best. […]
