(Related: 10 Most Tax-Friendly States: 2017)
If you or your clients applied to the IRS for an extension on a 2017 tax return, today’s the deadline.
After all the changes in federal taxes that have come down the pike over the last year, your clients (and you, for that matter) might be in the mood for some relief — and with lots of legislation still in flux, perhaps moving to a state with tax-friendly laws could be right up their alley. (But be warned that relocating to save on state taxes is harder than it looks.)
After all, if they, or you, are not sinking cash into income tax or paying so much on property taxes, that’s money that could be used to pay for other things — such as the sin tax on that beer or wine at the end of the day, or the stogie smoked at the weekly poker game. If clients are short on retirement savings, it can be particularly important to make every dollar stretch as far as possible, and if they’re thinking of relocating anyway, a state’s tax structure is one more criterion to consider.
Whether it’s a lower property tax rate, an absence of inheritance/estate taxes or whether that evening cocktail or smoke comes with a big drag attached, here’s a sampling of how taxes stack up in the 10 most tax-friendly states in the country, thanks to Kiplinger, which used data and state tax policy from a wide range of sources.
Among them are states’ tax agencies, the Tax Foundation, the U.S. Census’ American Community Survey, the American Petroleum Institute, the Distilled Spirits Council of the United States, HVS Convention Sports and Entertainment Consulting, and Ranking the States by Fiscal Condition by the Mercatus Center at George Mason University.
Check out the gallery for the 10 most tax-friendly states, according to Kiplinger.
— Related on ThinkAdvisor: