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Which state is best place to live in terms of lowest tax obligations?
AI accountant’s answer:
It's difficult to determine the "best" state for the lowest tax obligations, as it depends on your personal circumstances, income, and spending habits. However, there are a few states with generally low tax burdens: 1. Alaska: No state income or sales tax, but local sales taxes may apply. Residents may also receive an annual payout from the Alaska Permanent Fund. 2. Florida: No state income tax, but sales and property taxes apply. 3. Nevada: No state income tax, but sales and property taxes apply. 4. South Dakota: No state income tax and relatively low sales and property taxes. 5. Texas: No state income tax, but relatively high property and sales taxes. 6. Washington: No state income tax, but higher sales tax rates. 7. Wyoming: No state income tax and low sales and property taxes. Keep in mind that various factors might affect the overall tax burden in each state, such as local taxes, property taxes, excise taxes, and other fees. It's important to consider your specific financial situation and research each state's tax structure before deciding on the best place to live for minimizing your tax obligations.
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Michael Eaton, CPA
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