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Florida's tax-friendly reputation makes it a haven for retirees, with no state income tax, estate tax or inheritance tax. ... retirees can donate up to $108,000 tax-free from an IRA to charity, up ...
Although there’s no Florida income tax for individuals, the state does charge a 5.5% corporate income tax rate. Without an income tax, Florida is often a popular destination for retirees or ...
In comparison, New York has a 10.9% state income tax, California has a 13.3% tax, South Carolina has a 6.5% tax and Arizona has a 2.5% tax, according to the Tax Foundation.
Florida tends to attract retirees due to its warm climate, and due to the fact that there's no state income tax. But the cost of living in Florida has been creeping upward, making retirement ...
New Hampshire doesn’t tax personal income, but it does have a 4% tax on dividends and interest with a total gross from all sources of $2,400 for individuals. This tax is set to be phased out by ...
Seniors and Taxes: Is There an End in Sight? - AOL