Tag Archives: income tax

Tax Freedom comes early in Tennessee

From April 7, News Sentinel column:

Tax Freedom Day

Tax Freedom Day

Breathe easy, Tennessee workers. It’s a good day to celebrate.

The federal income tax deadline is looming, but you’re already ahead of the tax game.

As of April 2 you had earned enough this year to pay all of your federal, state and local tax obligations for 2013.

That’s right, Tax Freedom Day in Tennessee has come and gone.

 

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Tennessee — retiree tax heaven

Tennessee’s tax-friendly reputation makes it one of the best states for retirees looking to reduce their tax burden, according to a report by Kiplinger.com.

PAULSON+MONEY.jpg“The Volunteer State is a very tax-friendly state. Tennessee has no broad-based income tax, so salaries, wages, Social Security benefits, IRA distributions and pension income are not taxed. But the state does levy a 6 percent tax on stock dividends and interest income from bonds and other investments,” the report says.

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Consumer perk — sales tax holiday

Tennessee’s sales tax holiday is almost here. Will you be shopping?

The state Department of Revenue certainly hopes so. Considering that Tennessee does not have a personal income tax, a sales tax holiday seems risky.

Nonetheless, it’s a good idea. One that Tennessee consumers have come to count on, especially parents on the hook for school supplies, clothes, computer and everything else it takes to get their kids ready for school.

Since its start in 2006, Tennessee shoppers have saved $8 million to $10 million during the sales tax holiday.

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