US State Taxes Comparison Table

State and Local Sales Tax Rates in 2023 visit: taxfoundation.org

Earned Income Tax Credit: Do You Qualify?

The Earned Income Tax Credit is for lower income working individuals . It is a credit to reduce the taxes you owe and may even get you a refund!
To claim EITC on your tax return, you must meet all the following rules:

1. You must have a valid Social Security Number  
• This includes your spouse (if you file a joint return), and any others listed on Schedule EIC
2. You must have earned income
• from working for someone else or running or operating a farm or business  
3. Your investment income cannot exceed $3,150 (2011)
4. You cannot be married filing separately (unless you have been separated for 6 months)
5. You must be a US citizen or LPR* (lawful permanent resident) (aka resident alien) all year
• or non-resident alien married to a U.S. citizen or resident alien and filing a joint return. 
6. You cannot be a qualifying child of another person 
7. You cannot file Form 2555 or Form 2555 EZ. (Related to foreign earn income) 
8. You must meet EITC Income Limits, Maximum Credit Amounts and Tax Law Updates

* LPR is used to indicate a legal permanent resident.  A lawful permanent resident of the United States, also known as a green card holder, is a foreign-born citizen who has achieved residency of the United States. This means that she is allowed to live and work in the United States in the same way a U.S. citizen would be allowed to.

And you must meet one of the following:

1. Have a qualifying child (see who is a qualifying child below), or 
2. If you do not have a qualifying child, you must:
1. be age 25 but under 65 at the end of the year, 
2. live in the United States for more than half the year, and 
3. not qualify as a dependent of another person. 

If you qualify for EITC, you have to file a tax return with the IRS, even if you owe no tax or are not required to file.
EITC Income Limits, Maximum Credit Amounts and Tax Law Updates
2011 tax year income limits, maximum EITC amount and the EITC-related tax law changes. You can also access the information for:
Preview of 2012 Tax Year
2011 Tax Year

2010 Tax Year
2009 Tax Year
2008 Tax Year
Summary 2011 Tax Year:  
Earned Income and adjusted gross income (AGI) must each be less than:
$43,998 ($49,078 married filing jointly) with three or more qualifying children
$40,964 ($46,044 married filing jointly) with two qualifying children
$36,052 ($41,132 married filing jointly) with one qualifying child
$13,660 ($18,740 married filing jointly) with no qualifying children
Tax Year 2011 maximum credit:
$5,751 with three or more qualifying children
$5,112 with two qualifying children
$3,094 with one qualifying child
$464 with no qualifying children
Investment income must be $3,150 or less for the year.
Source: irs.gov
If you think you qualify for EITC, contact us for a FREE confidential consultation regarding your options, please call Stephen B. Jordan EA at 603.893.9336 or go to our website Stephen B Jordan EA

You may also contact your local VITA site for Free Tax Return Preparation for You by Volunteers or call the IRS (800) 829-1040 for more information. 

Who can file a 1040EZ?

Form 1040EZ is the simplest form to fill out.
You may use Form 1040EZ if you meet all the following conditions:

1. Your filing status is single or married filing joint 
2. You claim no dependents 
3. You, and your spouse if filing a joint return, are under age 65, and not blind at the end of the year 
4. You have only wages, salaries, tips, taxable scholarship and fellowship grants, unemployment compensation, qualified state tuition program earnings, or Alaska Permanent Fund dividends, and your taxable interest was not over $1,500 
5. Your taxable income is less than $100,000 
6. Your earned tips, if any, are included in boxes 5 and 7 of your Form W-2 
7. You do not owe any household employment taxes on wages you paid to a household employee 
8. You are not a debtor in a Chapter 11 bankruptcy case filed after October 16, 2005 
9. You are not claiming the additional standard deduction for real estate taxes, net disaster losses, or qualified motor vehicle taxes 
10. You do not claim a student loan interest deduction, an educator expense deduction, or a tuition and fees deduction, and 
11. You do not claim an education credit, retirement savings contributions credit, or a health coverage tax credit 

If you file Form 1040EZ, you cannot itemize deductions or claim any adjustments to income or tax credits (other than the earned income credit).
References: IRS: Form 1040EZ Instructions

State Capital Gains Tax Rates

State	Top Marginal	Capital Gains Short Term	CapitalGains Long Term	Notes
Alabama	5	5	5
Alaska	0	0	0	No state income tax
Arizona	5.04	5.04	5.04
Arkansas	7	7	4.9	Capital gain rate is 70% of state tax rate for long-term gains
California	9.3	9.3	9.3
Colorado	4.63	4.63	4.63	Allows $1,200 ($2,400 married) credit for capital gains; no tax on capital gains for in-state businesses. Property bought before 1994 or held for 5 yrs has no CO capital gains tax
Connecticut	4.5	4.5	4.5
Delaware	5.95	5.95	5.95
DC	9	9	9
Florida	0	0	0	No state income tax (high transfer taxes)
Georgia	6	6	6
Hawaii	8.5	8.5	8.5
Idaho	8.2	8.2	8.2	60% reduction in capital gains provided for cap gains produced in Idaho
Illinois	3	3	3	Flat rate
Indiana	3.4	3.4	3.4	Flat rate
Iowa	8.98	8.98	8.98
Kansas	6.45	6.45	6.45
Kentucky	6	6	6
Louisiana	6	6	6
Maine	8.5	8.5	8.5
Maryland	4.8	4.8	4.8
Massachusetts	12	12	5	Flat rate; long-term gain taxed at lower rates based on length of time security has been held
Michigan	4.2	4.2	4.2	Flat rate
Minnesota	7.85	7.85	7.85
Mississippi	5	5	5
Missouri	6	6	6
Montana	11	11	11
Nebraska	6.68	6.68	6.68
Nevada	0	0	0	No state income tax
New Hampshire	0	0	0	State income tax on dividends and interest only
New Jersey	6.37	6.37	6.37
New Mexico	8.2	8.2	8.2
New York	6.85	6.85	6.85
North Carolina	7.75	7.75	7.75
North Dakota	5.54	5.54	5.54
Ohio	6.98	6.98	6.98
Oklahoma	6.75	6.75	6.75
Oregon	9	9	9
Pennsylvania	3.07	3.07	3.07	Flat rate
Rhode Island	10.1	5.1	5.1	25.5% federal tax liability for income and cap gains. State rate applies to federal tax liability.
South Carolina	7	7	3.92
South Dakota	0	0	0	No state income tax
Tennessee	0	0	0	State income tax on dividends & interest only
Texas	0	0	0	No state income tax
Utah	7	7	7
Vermont	9.5	4.8	4.8	24% federal tax liability for income and cap gains. State rate applies to federal tax liability.
Virginia	5.75	5.75	5.75
Washington	0	0	0	No state income tax
West Virginia	6.5	6.5	6.5
Wisconsin	6.75	6.75	2.7
Wyoming	0	0	0	No state income tax

There you go!
If your transaction applies to the capital gains tax rules in a state with ZERO capital gains tax… CONGRATULATIONS!
If not… either get ready to buck up and fork over a ton of cash to Uncle Sam or start looking for capital gains deferral / reduction options right now before its too late.
Post a comment below if you have questions about some capital gains deferral options and I’ll try to answer them in another post.
If you see any errors please shoot me over the correct info.
Source: REIbrain.com