The Best and Worst States for Taxes
Each state has its pros and cons for taxes. Some states have higher income taxes but lower property taxes for example. Other states have no state income tax on retirement income, but a large estate tax on inheritance money. Picking the most tax friendly retirement state can be challenging - you have to balance your goals against tax savings in retirement.
States Ranked by Income Tax Rates
States With No Income Tax
There are nine states with no state income tax.
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
States With Inheritance Tax
If state income taxes aren’t bad enough, a handful of states in the U.S. also tax inheritance money. Below is a list of states with such additional taxes.
States With the Highest Property Tax Rates
States With the Lowest Property Tax Rates
Creating Your Personal Tax Strategy and Tax Plan
As you explore your personal retirement plan or financial planning goals, you will want to consider a variety of factors before making a decision on where to live and work and where to retire. Stenger Family Office and Stenger Tax Advisory can help you create your own persona tax plan.
Chris Jordan, CPA, MST
Managing Partner, Stenger Tax
(630) 912-8504
Chris.Jordan@stengerfamilyoffice.com
Financial Advisor in Chicago, IL
Stenger Family Office - Chicago Financial Advisors
150 N. Riverside Plaza
Suite 1950
Chicago, IL 60606
(630) 912-8295
Other office locations:Naperville, IL | Houston, TX | Baton Rouge, LA