Home » Manisha Hansraj » Page 24
Living in a tax-free state doesn’t mean you aren’t responsible for income taxes if you work in a bordering state.
Texas is an income tax-free state. Fantastic, right? It is for residents of Texas who both live and work in the state. For those that live in Texas but work in bordering states such as Louisiana, New Mexico or Oklahoma, there is an income tax to pay.
If you live in Texas but work in a different state, it’s best to learn the income tax details of the state you work in and the importance of filing a non-resident return for that state.
I Live in Texas but Work in Louisiana
If you work in Texas but travel to Louisiana for work, you will need to file a non-resident state return for Louisiana reporting all income earned from Louisiana sources.
Personal Louisiana Income Tax Rate:
Single Taxpayers:
If you made a charitable donation over the past year you may be wondering what you can write off on your taxes.
You may want to make a donation for the sake of the holiday season or to use it as a tax deduction (or both). Keep in mind, only if you are itemizing your deductions while filing your taxes, you can write off charitable donations to those falling within “Qualified Organizations” list.
Charitable Contribution Deduction Facts:
- You may deduct charitable contributions of money or property that you made to a qualified organization only if you itemize your deductions on Form 1040 .
- Generally charitable deduction limits are up to 50% of your adjusted gross income
- Contributions must be paid in cash or other forms of property before the end of the tax year in order to be deductible when itemizing your tax deductions
- For items of property (items other than cash) donated, the fair market value of the item will be deducted on your tax return.
- When making donations, it’s best to write checks (that way you can easily track your offerings)
- The IRS Publication 526 explains Charitable Contributions and tax deductible donations.
What Organizations are considered “Qualified Organizations” to donate to?
In order to consider a charitable contribution a tax deduction when itemizing your deductions it must be made to certain types of organizations. The list of qualified organizations is as follows: Continue reading “What Types of Donations are Tax Deductible?”
California state tax rates stand as one of the highest tax rates in the US.
California is the state that has always ended up on movie screens. The Golden State offers just about everything; beaches, mountains and great weather. Who wouldn’t want to live there? The answer is not rhetorical. Anyone who hates paying high taxes wouldn’t want to live in California. California is in fact known as the third worst state for taxes.
In all of the United States, the west coast state of CA has the highest state sales tax and some of the highest income tax rates. If you live in California, before filing your taxes, it would be helpful to learn about the California tax rates.
California Income Tax Rates
California’s personal income tax system is composed of ten brackets. The state actually ranks as the highest income tax rate among states who levy an individual income tax and seventh highest income taxes among all US states. Continue reading “Does California Really Have the Highest State Tax Rates?”
