Why Living in Idaho is Saving People a Good Amount of Money
The months are ticking by and tax season is running out of time. There is still time to get them done, so don't stress, but don't put them off either, as there is now less than a month to go. Many of us hate doing taxes, either because we owe money, or because of the time and stress it takes to make sure they are done right, to potentially get some money back. When you get back a check, it is worth it sometimes, but for many, you go through the stress and lose money in the process or get a small check back. When it comes to filing taxes, how much you owe can depend on where you live. What state has the lowest tax rates, which has the highest and where does Idaho fall on that list?
The States with Highest Tax Rates and the Lowest Tax Rates
A few weeks ago there was a story about property and vehicle taxes if you would like to see how Idaho and states compare there, but recently WalletHub released a list ranking states by the lowest rate to the highest. They used categories such as effective total state and local tax rates, annual state and local tax rates, the difference between state and United States average, annual state and local taxes to median household, and adjusted overall rank according to the cost of living. It was determined that Alaska has the lowest tax rate of all the states, with Delaware being the second lowest, and Montana is the third lowest. The state with the highest tax rates in Illinois, with Connecticut being the second highest and New York being the third highest.
What Are Idaho's Tax Rates Compared to Other States?
Living in Idaho could be saving you money, as Idaho's tax rates rank as the eighth lowest in the country. In terms of adjusted overall rank by the cost of living, Idaho would rank as the fifth lowest. For the more good news, Idaho ranks as the fifth lowest state in terms of state cigarette taxes, for all the smokers out there. One negative though is that Idaho ranks as the fourth highest for food rate taxes. Overall though, living in Idaho is benefitting your wallet at tax time.
If there weren't already enough pros to living in Idaho, then the tax rate is a pretty good one to add to the list. This knowledge won't make it any less miserable when filing your taxes, but it may make you feel a little better while you do it. To see the full list make sure to click the link above. Don't forget to file your taxes, and let this serve as a reminder to get them done before it is too late.