Related Posts
Off Topic : 1) When Does a software engineer start financial planning for retirement since the our Career span is only 15-20 years on average.
2) How much and which schemes to invest to mitigate the risk?
3) How much do we need for retirement? Tata Consultancy Infosys Mindtree IBM Wipro Capgemini Cognizant HCL Technologies
Anyone looking at airline stocks or ETF play?
More Posts
Are there any other Coasties here?
Utilization rate this time of year?
Wednesday Wordle 326 3/6
⬜🟩🟩⬜⬜
🟨🟩🟩🟨⬜
🟩🟩🟩🟩🟩
Additional Posts in SALT - State and Local Tax
New to Fishbowl?
unlock all discussions on Fishbowl.




If you live (or are domiciled) in a state that imposes an income tax, you are taxed on worldwide income (with very few exceptions), regardless of where income. The only way to avoid this tax is for you to move to a state that doesn't improse income taxes.
If you earn income in another state other than your resident state, you are taxed on state source income in that other state. Your home state will generally give you a credit for taxes paid to other states but there can be limitations around this credit. The credit will always be limited to no more than the tax you pay in your resident state on double-taxed income.
Not a way to lower your state income tax, but if you own property for rent and contribute the property to a pass-thriigh entity, in many states, you can make a pass-through entity tax election. This allows you to get a federal deduction on the taxes paid by the pass-throigh entity. Before doing this, make sure you consult an advisor and fully understand potential tax consequences including possible transfer taxes issues.
Thank you!