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Income tax can take a big bite out of your wallet and your business's bottom line. But not every state in the union charges income tax. Some states, like Texas, have become well-known as business havens for budget-minded entrepreneurs partly because they don't charge income tax. For comparison, here are the nine states with the highest income tax rates: California - 13.30% Hawaii - 11.00% New York - 10.90% New Jersey - 10.75% Oregon - 9.90% Minnesota - 9.85% Vermont - 8.75% Iowa - 8.53% Wisconsin - 7.65% This article will look at nine states with no income tax and explore everything taxpayers need to know about these tax-reduced territories. What is income tax? Income tax is a crucial source of revenue for state and federal governments worldwide. There are several types of income tax that you might have to pay depending on where you live. An individual income tax is levied on individuals' wages, salaries or other income. States usually impose these....

I'm an Entrepreneur, Supply chain expert, Founder and Managing Director at Acuver Consulting. Fear, trepidation and self-doubt. These are just a few of the feelings that can come to mind when we think about entrepreneurship. And this is especially true for those who are toying with the idea of embarking on their maiden entrepreneurial journey. However, once past these feelings of uneasiness, first-time entrepreneurs will find that starting their own business can be one of the most exhilarating journeys of their life. This is because entrepreneurs do, or attempt to do, what only a few of us can: build something from scratch. And although it might look like a lot of people today are doing this, thanks to a vibrant startup ecosystem, in truth, very few actually have the courage to look past their fears and take the entrepreneurial leap. So if you’ve managed to take this first and most important step, pat yourself on the back because it is no easy feat. And now, to plan ahead, h...

Angie Noll is the Owner of Reconciled Solutions. She is a Certified Profit First Advisor and has an MBA from Loyola (Chicago). Fall is in the air, and I’m breathing in the scents of fourth-quarter planning. As an entrepreneur, I revel in wiping the slate clean. This is when creativity and dreaming flow. And as the owner of a company that specializes in bookkeeping and profit acceleration, I think this is a particularly good time to create your sales forecast for the upcoming year. Before getting started, I suggest taking stock of the past 12 months, noting market changes and measuring how you were able, or unable, to adapt. Entrepreneurship is a fluid journey, and the outcome of even the best-laid plan will never fully match up with the goals you developed in the prior year. It’s crucial to be able to look back at last year’s plan and identify where changing circumstances made some fluidity necessary. How did shifting your plans impact your volume, margins, energy levels and ...

Even though the economic situation has become more stable now, many Americans keep on being in precarious financial shape. The pandemic has made thousands of people lose their jobs, become temporarily unemployed, and rely on simple fast loans when they are pressed for cash. Even today, many of them struggle financially and can’t pay their bills. Seven in ten people struggle with at least one aspect of financial stability, a new survey by the Financial Health Network finds. If your family struggles financially, here is what you can do to improve this situation. Why People Struggle Financially The Financial Health Network, a nonprofit financial services consultancy, conducted a survey of 5,400 Americans. This survey asked questions about the financial health of the respondents including the way they manage bills, income, savings, and debt. “The American economy has experienced a certain growth this year. However, many consumers still are still concerned with money issues,” m...

A new white paper by Harvard Business Review Analytic Services outlines how financial services firms will need to continue building out and coordinating digital delivery channels to keep pace with consumers’ rising expectations. The pandemic presented the need for consumers to rely on technology, prompting many financial institutions to accelerate their digital transformation efforts. Hence, a new digital reality has emerged as the world takes the road to recovery after COVID-19. In the financial services industry, digital capabilities have become pivotal to meet and address the changing expectations and needs of consumers. Digital is here, and it’s here to stay. For financial services firms, the importance of digital adoption has never been evident, and so is the need to ensure optimal customer experience. As consumers acquaint themselves with what digital could do for them, their wants and expectations continue to rise—they expect frictionless digital experiences and state-of...