Published Tuesday, October 11, 2011 at: 7:00 AM EDT
Never mind the weather. It's the business climate in the state where you live and work that can have the most impact on your company's fortunes.
The Tax Foundation, a taxpayer advocacy group, recently issued its 2017 State Business Tax Climate Index (SBTCI). This annual study enables legislators, businesses, and individuals to compare their state tax systems to those in other states. Policymakers may use the SBTCI to pinpoint changes for improving the relative standing of their home states.
The SBTCI ranks states based on five taxes: corporate, individual income, sales, unemployment insurance, and property. Scores are based on the relative importance or impact of the tax to the business community.
According to the SBTCI, here are the top 10 states for business activity.
1. Wyoming
2. South Dakota
3. Alaska
4. Florida
5. Nevada
6. Montana
7. New Hampshire
8. Indiana
9. Utah
10. Oregon
This ranking is the same as the prior year except that Oregon replaced Texas in the tenth spot. It's noteworthy that several of these states don't have one or more of the major taxes.
And the least tax-friendly states? Bringing up the rear are perennial low finishers California (48th), New York (49th) and New Jersey (50th). To see the complete list, visit https://files.taxfoundation.org/20170302120920/TF-SBTCI-2017-Final1.pdf.
This article was written by a professional financial journalist for Preferred NY Financial Group,LLC and is not intended as legal or investment advice.
An individual retirement account (IRA) allows individuals to direct pretax incom, up to specific annual limits, toward retirements that can grow tax-deferred (no capital gains or dividend income is taxed). Individual taxpayers are allowed to contribute 100% of compensation up to a specified maximum dollar amount to their Tranditional IRA. Contributions to the Tranditional IRA may be tax-deductible depending on the taxpayer's income, tax-filling status and other factors. Taxed must be paid upon withdrawal of any deducted contributions plus earnings and on the earnings from your non-deducted contributions. Prior to age 59%, distributions may be taken for certain reasons without incurring a 10 percent penalty on earnings. None of the information in this document should be considered tax or legal advice. Please consult with your legal or tax advisor for more information concerning your individual situation.
Contributions to a Roth IRA are not tax deductible and these is no mandatory distribution age. All earnings and principal are tax free if rules and regulations are followed. Eligibility for a Roth account depends on income. Principal contributions can be withdrawn any time without penalty (subject to some minimal conditions).
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