The Millstone Times November 2020

FAMILY MATTERS

Barlow & Zimmer FUNERAL HOME

Most Tax-Friendly States of 2020

Thinking about your financial health when it comes to saving your money.

Retirees are often the main group we imag- ine moving from higher-tax states to states considered tax-friendly. The coronavirus pandemic, however, has led younger peo- ple, many of whom are in their prime career years, to also look for low-cost places to re- locate. Telecommuting has made it possible to leave big (often expensive) urban areas and work from anywhere, which is one fac- tor behind the shift. The following are some of the country's most tax-friendly states right now, regardless of why you might be relocating. Wyoming There's no state income tax in Wyoming, and the average state and lo- cal sales tax is just over 5.3%. The average property taxes are $635 per $100,000 in home value. Wyoming has a strong mineral and energy ex- traction industry, and that's one of the reasons the state can keep taxes low for residents. Nevada There is no state income tax in Nevada, and the average property tax in the state is $693 per $100,000 in home value. The tax-friendly nature of Nevada may be one reason there's an influx of Californians moving to the state and the scenic Lake Tahoe area in particular. Nevada receives over a billion dollars each year from the casino and tourism industry, which helps them avoid imposing a state income tax. Florida Florida has no state income tax, but property taxes tend to hover around the national average. The state and local sales tax rate is also somewhere around average for the country at 7.05% combined. Alaska Alaska may not provide you with sunshine and beaches, but it could be an economically sound decision. Alaska residents pay neither state income taxes nor state sales tax. Certain municipalities in Alaska might impose local sales taxes that are as high as 7.5%, but even so, the average local sales tax hovers around 1.76%. There's also the Permanent Fund Dividend ($992 for 2020), which is paid to every Alaska resident who's lived there for a full year. Tennessee Prior to 2016, Tennessee did not tax wages, but still taxed income from investments and other "unearned income." Legislation was passed in 2016 to gradually eliminate taxes on investments by 2021. The state cur- rently carries the third lowest tax-burden in the United States.

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Life – like the markets – fluctuates. An Envision ® plan adapts. In your financial journey through life, you can’t always see the destination ahead. To navigate life’s twists and turns along the way, we have an investment process built on both adaptive technology and old-fashioned one-on-ones. Find out how an Envision plan can help you plan for tomorrow, today. Call when you’re ready to talk. ife – like the arkets – fluctuates. n Envision ® plan apts. In your financi l journey through life, you can’t always see the destination ahead. To navigate life’s twists and turns along the way, we have an investment process built on both ad ptive technology and old-fashioned one-on-ones. Find out how an Envision plan ca help you plan for tomorrow, today. all when you’re ready to talk. Life – like the markets – fluctuates. An Envision ® plan adapts. n your financial journey through life, you can’t always see he destination ahead. To navigate life’s twists and turns along the way, we have an investment process built on both adaptive technology and old-fashioned one-on-ones. Find out how an Envision pl n can help you plan for omorrow, today. Call when you’re r ady to talk.

Ricardo Rivers, MBA Associate Vice President – Investments Ricardo Rivers, MBA Associate Vi e President – Investments Ricardo Rivers, MBA Associate Vice President – Investments 989 Lenox Drive, Suite 200 Lawrenceville, NJ 08648 Direct: (609) 896-4623 989 Lenox Drive, Suite 200 Lawrenceville, NJ 08648 Direct: (609) 896-4623 ricardo.g.rivers@wellsfargoadvisors.com fa.wellsfargoadvisors.com/ricardo-rivers 989 Lenox Drive, Suite 200 Lawrenceville, NJ 08648 Direct: (609) 896-4623 ricardo.g.rivers@wellsfargoadvisors.com fa.wellsfargoadvisors.com/ricardo-rivers ricardo.g.rivers@wellsfargoadvisors.com fa.wellsfargoadvisors.com/ricardo-rivers

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. © 2016, 2018 Wells Fargo Clearing Services, LLC. All rights reserved. Investment and Insurance Products: u NOT FDIC Insured u NOBank Guarantee u MAY Lose Value Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. © 2016, 2018 Wells Fargo Clearing Services, LLC. All rights reserved. InvestmentandInsuranceProducts: u NOTFDICInsured u NOBankGuarantee u MAYLoseValue Wells Fargo Advisors is t ade name used by Wells Fargo Clearing Services, LLC, Membe SIPC, a register d roker-dealer and non-bank affiliate of Wells Fargo & Company. © 2016, 2018 Wells Fargo Clearing Services, LC. All rights reserved. Investment and Insurance Products: u NOT FDIC Insured u NOBank Guarantee u MAY Lose Value

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