Monthly Archives: January 2015

Montana’s State Taxes

The state of Montana bases its rate of taxation on seven different income brackets. The tax rate varies from 1% to 6.9%. Each income bracket is assessed at a separate rate as follows: 1% of the first $2,800 of taxable income 2% between $2,801 and $4,900 of taxable income 3% between $4,901 and $7,400 of […]

State Income Tax in Kansas

Kansas only has two different income tax rates for the state: 3% and 4.9%. Anyone who earns income in the state is subject to tax collection at these rates. In 2013, the Sunflower State revised its income tax system, reducing both the rates and tax brackets. Single taxpayers and those who file separate returns form […]

Idaho’s State Income Tax

At tax time, Idaho assess a tax rate varying from 1.6% to 7.4% over seven income levels. These tax brackets are reviewed annually to adjust for inflation. The following represent the seven different tax rates and their corresponding income thresholds for single taxpayers and those who may be married but file separately. 1.6 % on […]

Colorado’s Income Tax Rules

The state of Colorado’s income tax rate isn’t dependent on income level, as all earnings are taxed at 4.63%. The deadline for all tax returns in the state is April 15th, unless that date is a weekend or holiday, in which case tax returns would be due the next business day. Who is a Colorado […]

California State Income Tax

The Golden State has nine different tax rates which range from 1% to 12.30% and depend on filing status. Additionally, California adds a 1% surcharge to the income tax rates of anyone with $1 million or more in taxable income. The following list applies to single taxpayers and those who are married but file separately. […]

Arizona’s State Income Tax

Arizona’s income tax is assessed at a rate ranging from 2.59% at the lowest income bracket to 4.54% at the highest income level. There are five income brackets which taxpayers can use to determine their rate of taxation. Single and Married Filing Separately 2.59% on taxable income up to $10,000 2.88 % between $10,001 and […]

Buying Bonds and Your Taxes

Each year you have to pay tax on any investment income you earn. For instance, a savings account earning $2,000 in interest has to be added to any taxable income and you’ll be required to pay tax on it. There are some types of investments that can be partly, or even entirely tax free, meaning […]

Miscellaneous Deductions

People often consider three big deduction when they think of itemizing: home mortgage interest, state and local income taxes, and charitable donations. Though, there are many additional deductions aside from the three common ones. These deductions are typically considered “miscellaneous itemized deductions” and are able to be claimed if they are more than 2% of […]

Business Meals

If you’re traveling for business, you will likely have to eat at a restaurant at some point. If you can deduct the cost of your meal from your taxes as a business expense, you’ll enjoy the meal better. It is possible to deduct business meals, but there are specific guidelines that have to be followed. […]

Children Filing Tax Returns

There’s a chance that you may have children who are required to file a tax return, even if they are a dependent of yours. Typically, the child is held accountable for filing the return, as well as paying any taxes owed, along with penalties and interest. In some cases, if the child fails to pay, […]