More On Tax Planningfrom The Advisor's Professional Library
- IRAs: Eligibility The eligibility rules for contributing to traditional and Roth IRAs are complicated. Learn how to effectively use them in retirement plans.
- Health Insurance: Health and Medical Savings Accounts A Health Savings Account is a trust created exclusively for the purpose of paying qualified medical expenses of an account beneficiary. Although they are popular, they are not without their pitfalls and the regulations can be complicated. Learn more about how to avoid federal taxation on the accumulation and distributions of HSA.
As states and municipalities around the country are struggling to make their budgets work without laying off workers or drastically reducing services, there's some encouraging news on the revenue front. According to new data from the U.S. Census Bureau, tax revenue for state and local governments was up in the fourth quarter of 2009, the first sign of positive growth in five quarters.
Total tax revenue for the quarter was $360.1 billion, up 0.76% from the same quarter a year earlier. Revenue from property taxes (+5.8%) and corporate income taxes (+3.4%) rose while general sales (-2.8%) and individual income tax (-4.7%) continued to decline, although to a lesser degree than in the previous four quarters.
On an individual state basis the results varied from the national averages. See the full breakdown here.