With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one they currently reside in.
But some retirees may be in for a surprise. While federal tax rates are the same in every state, retirees may find that even if they move to a state with no income tax, there may be additional taxes they’re liable for including sales taxes, excise taxes, inheritance and estate taxes, income taxes, intangible taxes, and property taxes.
In addition, states tax different retirement benefits differently. Retirees may have several types of retirements benefits such as pensions, social security, retirement plan distributions (which may or not be taxed by a particular state), and additional income from a job if they continue to work in order to supplement their retirement income.
If you’re thinking about moving to a different state when you retire, here are six things to consider before you make that move.Continue reading
Sandra (Sandy) Martinez-Bulosan, Audit Manager, has been chosen as Employee of the Quarter. Sandy joined our firm a little over a year ago. She is a great addition to our audit team. We appreciate her contributions to the audit department, her professional attitude, and calm demeanor under pressure. She is also an excellent mentor to staff. Congratulations to Sandy and thank you for all your hard work!
Wheeler is very excited to welcome our new Firm Administrator Dee Smith! Dee is a graduate of the University of Nebraska where she studied human resources and personnel management. She enjoys time with family, including three grandsons, and her dog Willie. She is also a huge fan of the San Francisco Giants and classic cars. With over 17 years of administrative experience, she is sure to be an invaluable addition to the Wheeler team.
Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business’s success. In fact, a healthy cash flow is more important than your business’s ability to deliver its goods and services.
At some point, most small businesses owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting your money for expansion and having to scrape through finding cash from other sources. Unfortunately, many business owners fall victim to several common, but potentially destructive myths regarding financing, such as:
