Crowdfunding has become a very popular way for individuals to raise capital. It typically involves funding a project or venture by raising contributions from a large number of people, typically through online crowdfunding sites. Crowdfunding campaigns fund a broad range of projects, from producing a product or new technology to supporting a charitable cause. Those supporting a product using can buy the product at a reduced price.
Living in a state with no income tax sounds like it would be a great thing, since the cost of living always has to include the overall tax burden of where you want to live. However, there are many factors and types of other taxes to consider in addition to if the state has no income tax.
In this article, I want to present some things you need take a look at, so you can decide whether states with no income tax are actually better for your finances.
The IRS can take the fun out of just about anything. Case in point: Last week, baseball phenom Shohei Ohtani became the first major league player to start the “50-50 club” by hitting 50 home runs and stealing 50 bases in a single season. And when he did that, one lucky fan in Miami caught the 50th home run ball and walked away with it even though he had the opportunity to give it to the Dodgers. No one yet knows whether the lucky fan will keep the ball or sell it. Should he decide to sell it , it could be worth hundreds of thousands, or even more than a million dollars.
The Inflation Reduction Act created the corporate AMT, which imposes a 15% minimum tax based on book income rather than taxable income on corporations with adjusted financial statement income (AFSI) of more than $1 billion beginning after Dec. 31, 2022. The Treasury Department estimates that approximately 100 of the largest U.S. corporations will pay the corporate AMT annually.