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Eight states – Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming — have no personal income tax. This includes pension income and military benefits.
Learn whether your state taxes Social Security benefits, including up-to-date details on changing rules, regulations and thresholds for the upcoming tax year.
Florida is synonymous with retirement. There's no state income tax, miles of beaches and near-perfect, year-round weather drawing people to the Sunshine State.
A fourth benefit, while not as clearly an exemption as the above three, is also accorded to one's homestead in Florida per Art. VII, Section 7 of the Florida Constitution. For tax purposes the year-to-year increase in assessed value of the homestead is limited to the lesser of 3% or the percentage change in the Consumer Price Index.
Here's some very good news for those approaching or in retirement: Fully 41 states don't tax Social Security benefits -- and that number has been growing in recent years. But the news isn't all ...
In many states, public employee pension plans are known as Public Employee Retirement Systems (PERS). Pension benefits may or may not be changed after an employee is hired, depending on the state and plan, as well as hiring date, years of service, and grandfathering. Retirement age in the public sector is usually lower than in the private ...
Many states also exclude these monies from state and local taxes. Established in 1993 as part of the federal tax code section 132 (f), [4] commuter benefits were meant to provide tax incentives to employees to encourage their use of mass transportation, with the goal of reducing traffic congestion and improving air quality.
It's no secret that Florida is a mecca for retirees. While the Sunshine State's endless beaches and year-round agreeable weather make it an attractive option for many seniors, the state's many tax...