Taxpayers are being cautioned to double-check their tax codes to prevent potentially overpaying the HM Revenue & Customs (HMRC). An error in your tax code could result in incorrect deductions from your salary or pension, leading to financial strain or unexpected bills. Tax codes, comprised of numbers and letters, are assigned by HMRC based on … Read more
In a move aimed at reducing the tax burden on residents, Governor Kim Reynolds, a Republican, has approved a new law that will see Iowans paying a flat income tax rate of 3.8% starting next year. This marks a substantial decrease from the current top income tax rate of 5.7%. The law, Senate File 2442, … Read more
New York State is intensifying efforts to combat tax evasion by wealthy individuals who claim residency elsewhere to avoid state income taxes. The exodus of millionaires from New York has raised concerns about the state’s revenue, prompting authorities to scrutinize residency claims rigorously. The Department of Taxation and Finance has deployed a team of 300 … Read more
Alaska, known for its breathtaking landscapes and frontier spirit, boasts a unique advantage among American states: no state income tax. While this policy might seem like a financial boon, it comes with its own set of challenges and considerations for residents. Living in a state without income tax is often viewed as an attractive prospect … Read more