From property taxes to income taxes to the s corp tax, businesses and individual people alike pay a good amount in taxes each and every year here in the United States. There’s been much debate over how much in taxes we should pay every year, with different people taking different sides of the debate. But what everyone can agree on is that taxes are confusing, and it can be difficult to understand the ins and outs of the taxes that you owe – especially when you realize that taxes are different in each and every state here in the United States. From the s corp tax to your personal income tax level, hiring a tax specialist (particularly during tax season) can help you to understand your taxes, and taxes in general, much more than you were able to before. There’s absolutely no shame in needing help and guidance when it comes to your taxes. After all, there’s so much to consider, so much small print, that it is all too easy to become horribly overwhelmed if you let yourself. Hiring a professional like a tax specialist or an accountant can be the best way that you can help yourself, and learn all about the essentials such as the s corp tax.
But first, let’s not focus on the s corp tax – let’s talk about property taxes. Property taxes can be tricky because they are not universal. Though the vast majority of states in the United States do have property taxes, there are six that do not. And though this can beneficial in some ways (most obviously, allowing home owners to keep as much of their money as possible) there are still detriments, such as a lack of resources to devote to other public services, like public parks organizations and the public schools in areas all throughout those states. However, the most important thing here is to discuss how property taxes can very from place to place, something that can all too easily become confusing for the person who moves around quite a bit and must adjust to the new tax rates in each new state that they move into. And dealing with a high property tax can be quite an adjustment, and require the guidance of skilled accountants in your new area (who can help you to figure out how to balance your finances and adjust to your new normal).
Let’s take a look at the state of New York, for instance, where the cost of living is notoriously high (in New York City in particular). A median household income in the state of New York (and not just in New York City) comes in at just over fifty thousand dollars. It’s important to remember that this is a very middle of the road income and it might seem like a good amount of money, but family size and the place where they live can greatly effect what money ends up being left over at the end of the day. For people who are lower middle class, managing money well is essential and can be done by working with a skilled and experienced accountant who can go over everything from property tax to the meaning of a s corp tax form. A real estate accountant is likely to be particularly well versed when it comes to property tax – which, in the state of New York, can feel uncomfortably high. In fact, the property tax that is collected in the state of New York makes up nearly half (forty five percent, to be more exact) of all tax dollars collected all throughout just this one state.
New York also has a high personal income tax rate, and if you live there (or in another state where the personal income taxes are high), consulting with a personal tax accountant is likely to be within your best interests (and they’ll also be able to answer other questions, such as what is an s corp tax and what should you do with it and does it even apply to you in the first place). In New York state, the personal income tax can be nearly nine percent of each paycheck – but it can also be as low as just over four percent.