Drummond Advisors’ Post

Check out this interesting study on taxes and interstate migration: #tax #taxes #taxreturn #migration #finances

Recent IRS data reveals a scenario of significant changes in interstate migration, with states like Florida, Texas and North Carolina attracting more and more taxpayers, while California, New York and Illinois face losses. Studies indicate that these movements may be directly linked to factors such as tax competitiveness and cost of living.   It is interesting to note that states with simpler and more competitive tax structures are benefiting, attracting not only people, but also a lot of investment. See more details at: https://lnkd.in/eGv5yFs4   #economy #tax #migration #UnitedStates #competitiveness #IRS #TaxFoundation #TaxInnovation #taxes #taxreturn #finance

Tax policy make a profound difference to workers and entrepreneurs. According to the Tax Foundation, between 2021 and 2022, 26 states experienced a net gain in income tax filers: Florida (+125,551) Texas (+88,216) North Carolina (+43,653) South Carolina (+32,927) Tennessee (+30,935) Conversely, 24 states and DC experienced a net loss: California (-144,203) New York (-108,586) Illinois (-45,460) Massachusetts (-26,033) New Jersey (-20,820) Texas should continue to restructure its taxes to make them as business- and consumer-friendly as possible which principally means continuing to chip away that the property tax. There are other changes the state could make as well. As the Tax Foundation puts it: “States that prioritize structurally sound tax policy improvements will reap the economic benefits that come with creating an attractive fiscal landscape in which all individuals and businesses have the opportunity to thrive.” https://lnkd.in/g8eKBGkz

“Overall, states with lower taxes and sound tax structures experienced stronger inbound migration than states with higher taxes and more burdensome tax structures. Of the 10 states that experienced the largest gains in income taxpayers, 4 do not levy individual income taxes on wage or salary income at all. Additionally, 8 of the top 10 states either forgo individual income taxes on wage and salary income, have a flat income tax, or are moving to a flat income tax. Among taxpayers with $200,000 or more in AGI, the most attractive destinations were Florida, Texas, North Carolina, South Carolina, and Arizona, while the least attractive states were California, New York, Illinois, Massachusetts, and New Jersey. On net, Florida gained 29,771 affluent taxpayers with $200,000 or more in AGI (increasing the state’s combined AGI by $28.7 billion), while California lost 24,670 of them (reducing the state’s combined AGI by $16.1 billion). States that structure their tax codes in this manner have consistently lost higher-income residents to lower-tax states, and not only the residents, but also any associated tax revenue and entrepreneurial activity that goes along with them.”

This report confirms what we've long been saying: Connecticut's regressive tax system burdens the lowest-income among us. Let's be clear, this is not new, but we hope these latest findings will motivate our Legislature to pass more policies that support workers and families this session. https://lnkd.in/gpGBFGc4

#𝐌𝐨𝐧𝐝𝐚𝐲𝐌𝐢𝐧𝐮𝐭𝐞 With the 2024 election on the horizon, tax policies are a key focus for both Americans and candidates. Today's #MondayMinute is fidelity article highlighting key tax changes under consideration that could potentially impact your finances in the future! Want more information on how your taxes could be directly impacted? Give us a call today. 𝟖𝟎𝟎-𝟑𝟎𝟖-𝟒𝟒𝟏𝟔 #Finance #TaxPolicy #2024Election #MondayMinute

📢 Attention US Expats! Important Tax Deadline Alert! 📢 Did you know that the IRS has extended the 2023 federal income tax return and payment deadline for certain disaster-affected areas in Alaska, Maine, and Rhode Island to July 15, 2024? If you live in these regions, you may qualify for this extension without even asking! 🏞️ Who Qualifies? - Alaska: Wrangell Cooperative Association of Alaska Tribal Nation - Maine: Cumberland, Hancock, Knox, Lincoln, Sagadahoc, Waldo, Washington, and York counties - Rhode Island: Kent, Newport, Providence, and Washington counties 📝 What's Included? - 2023 Partnership and S Corporation returns (originally due March 15) - Individual income tax returns and payments (originally due April 15) - Quarterly estimated tax payments (originally due April 15 and June 17) - Corporate and fiduciary income tax returns (originally due April 15) - Tax-exempt organization returns (originally due May 15) 📆 Need More Time? File an extension request on paper using Form 4868 to get until October 15, but remember, tax payments are still due by July 15! For those living outside the disaster area but affected by it, the IRS provides additional relief. If you’ve received a late filing or payment penalty notice, call the number on the notice to have it waived. 📧 Don’t navigate these changes alone! Contact our CPA & Founder, Anshul Goyal, at anshul@kkca.io for expert guidance and ensure you're compliant with the latest IRS regulations. #TaxDeadline #IRSUpdate #USExpats #TaxExtension #DisasterRelief #TaxTips #CPA #USTaxes #IRSCompliance #TaxSeason

Resolve to address and explore these tax planning strategies if you can — your future self will thank you. https://bit.ly/49QZEUf #taxplanning #taxation #cpafirm #burlON

House Passes $78 Billion Bipartisan Tax Package.  Stay on top of legislative changes that could impact your finances. Explore the details now! https://lnkd.in/gd4gtKEt #TaxReform #LegislationUpdate #FinancialNews #GovernmentPolicy

Interesting article on techniques for navigating the sunset of the Tax Cuts and Jobs Act. Worth a read. https://lnkd.in/e8EYAbTD