Taxes are unavoidable even when you retire. Obviously, every individual wants to keep more money with him when he retires. A retired person doesn’t have any other source of income except his retirement funds. Sadly taxes are a big part of your retirement budget unless you retire in a state which offers tax breaks to the retirees. Most of the states also tax your social security amount and the other types of retirement income that you receive.
Following are the states that provide tax breaks to the retirees:
Sales tax in Nevada is 6.85%, but it does not levy a tax on social security and pension income.
The cost of living in Pennsylvania is far less than Newyork and New Jersey. The housing costs are also low and the state does not levy tax on social security and pension benefits.
Sales tax is levied but as low as 4%. The income tax is also low and the social security and oension is not taxed.
Texas does not charge any income tax; be it retirement income, social security or pension. The property tax rates are high in this state and the rate of sals tax is 6.25 percent.
Wymong is also an attractive option, this state does not charge tax on retirement benefits and social security. The state sales tax is a relatively low 4 percent.
If you can mange col weather in old age, Alaska can be a perfect choice for you. Alaska has no income tax or sales tax, and the state doesn’t tax pension or Social Security income.
Other states which provide a good option for retirees include; Florida, Illinois and Mississippi
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