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State Taxes at a Glancefrom:
State taxes are enforced contributions levied upon individuals by their state of residence. Except for Alaska, Washington, Nevada, Wyoming, South Dakota, Texas and Florida, every state in the union imposes a state tax in the form of a percentage to a resident's income. These percentage rates can vary from the highest at 9.5% for Vermont residents to a low of 3% for residents of Illinois. States such as Tennessee and New Hampshire only allow a state tax on interest and dividend income. State taxes are collected annually and are combined with other forms of direct and indirect tax contributions to pay for state facilities, programs and services.
The majority of states apply a tax rate to incomes on a progressive scale. The larger a resident's income, the more tax they will pay. While a lack of state taxes can sound promising, those not enforcing this type of tax generally obtain their revenues elsewhere, often through sales or excise taxes. Purchasing goods or cigarettes and alcohol tend to be higher in states such as Washington than they are in North Carolina. There is much debate as to the benefits of this type of taxation as it can be a plus or minus for both individuals and businesses. States such as Nevada obtain proceeds by means of their renowned gambling industry.
When and where warranted, state taxes are filed annually with federal taxes. Because tax laws vary from state to state, each will have their own type of tax forms. Like federal returns, taxpayers can opt for a long form or a short form. Individuals and businesses with more complex tax returns usually rely on the services of a professional tax preparer. This is especially true when businesses or individuals divide their time or make income in multiple states. While these forms are widely available in places such as post offices and libraries, now more than ever taxpayers file their federal and state taxes online.
Unless one applies for an extension, state taxes are filed every year by a certain date in the month of April. While it can vary from state to state, individuals in the military or those who fall under certain income guidelines are the only ones who may not be required to file. It is best to always obtain the advice of a tax professional when questions about federal or state taxes arise. The penalties with accruals that come with failure to file or file correctly based on deceptive or frivolous intent can make for a most uncomfortable situation. In worst case scenarios and offenses, individuals can face imprisonment.
Sales Taxes Tamilnadu News
Britannia reports a 51% rise in quarterly profit - Times of India
Britannia reports a 51% rise in quarterly profit
Times of India
BENGALURU: Britannia, the maker of Good Day and Bourbon biscuits, reported a 51% rise in quarterly profit helped by higher sale of its biscuits. Net profit rose to Rs 207.6 crore, for the third quarter ended December 31, from Rs 137.3 crore, a year ...
'Amendments to Tamil Nadu Value Added Tax Act and Rules will impact trade' - The Hindu
'Amendments to Tamil Nadu Value Added Tax Act and Rules will impact trade'
The Tamil Nadu Chamber of Commerce and Industry has appealed to the Chief Minister, Jayalalithaa, to withdraw the amendments to Tamil Nadu Value Added Tax Act and Rules, which came into effect from January 29. In a statement issued here on Friday, ...
Amendments to Tamil Nadu Value Added Tax Act and Rules will impact trade | Madurai NYOOOZ
Muthuramalinga Sethupathy's statue to be unveiled three years after installation - Times of India
Muthuramalinga Sethupathy's statue to be unveiled three years after installation
Times of India
Muthurmalinga Sethupathy strongly opposed the Arcot Nawab and the British regimes by imposing sales tax and customs duty on them. Thus he ... Tamil Nationalist Movement leader and former member of the Tamil Nadu Congress committee Pazha Nedumaran said ...
Jaitley wants States to spend more on infra projects - The Hindu
Jaitley wants States to spend more on infra projects
One of the unanimous demands made by the States was that the Centre release the compensation for the phasing out of the Central Sales Tax. “The Union Government has finally released a portion of the long-pending Central Sales Tax (CST) compensation.
Jayalalithaa slams decision to hike excise duty on petrol, diesel - The Hindu
Jayalalithaa slams decision to hike excise duty on petrol, diesel
While many states increase sales tax on petrol and diesel following such excise duty revision, her government had, however, not resorted to such a step and, therefore, sales tax on these fuels in Tamil Nadu was “the lowest among southern states”, she said.
Jayalalithaa slams hike in excise duty on petrol, diesel
Jayalalithaa Condemns Excise Duty Hike of Fuel, Terms it Unfair