State-by-State Guide to Taxes on Retirees

Discussion in 'Financial Cents' started by Gator 45/70, May 3, 2021 at 14:36.

  1. Gator 45/70

    Gator 45/70 Monkey+++

  2. Thunder5Ranch

    Thunder5Ranch Monkey+++

    What kills me (IL) are the Property Taxes and License Plates. Got around some of the plate problem by putting F plates on the two main hauling trucks and $26 Lifetime ST Plates on all of the trailers and while the F plates are Expensive I still save around $600 per year by not having to buy a sticker for all the trailer plates. The no tax on retirement and pensions is great for us, can get around almost all sales taxes by and the high cost of fuel with MO, IN and KY runs. IF I make it to 65 the property taxes wont be so bad with the Homestead Exemption but that is still 10 years away...... and all of that superman stuff in my 20s and 30s has came back to haunt me hard over the last couple of years :) Get around the inheritance tax by having everything I will want to pass on in a S Corp. Drawback there is it cost around $900 per year for the accountant to untangle my tax mess. There are real ups to being a 90% Cash and carry business but there are some real dangers as well and attracting the IL Dept of Revenue's attention is arguably worse than catching the attention of the IRS. Neither like Cash businesses and both love to estimate what you really might have maybe brought in.... Agents will literally sit in a car and watch and count your business traffic and estimate that each person spent X amount of dollars and then later compare that to what you claim on yer taxes. Or compare your livestock processing weights with you sales weights and then start turning the screws if they are different. Don't know how other States are but it is very advisable to stay off the IL Dept of Revenues Radar. And you can pretty much bet that if you red flag and trigger a Fed IRS Audit...... within 6 Months the State will be knocking on yer door.
    duane, Altoidfishfins and Gator 45/70 like this.
  3. Altoidfishfins

    Altoidfishfins Monkey+++ Site Supporter+

    Dang T5R!
    Don't those jokers have anything better to do?
    Gator 45/70 and Thunder5Ranch like this.
  4. Thunder5Ranch

    Thunder5Ranch Monkey+++

    One would think but there might be someone out there trying to keep more of what they work hard to earn for themself and we just can't have that kind of crap here in IL.
    Gator 45/70, duane and Altoidfishfins like this.
  5. duane

    duane Monkey+++

    But how are the government goons and the welfare crowd going to maintain their life style of leisure if you don't pay your fair share? Lets kill the goose and get all the golden eggs at once. We deserve the gold now!

    Kind of like the F35, if we send them to Iraq etc, we also need to send a couple squadrons of A10 warthogs to keep the bad guys at bay. Shooting at a guy with a Russian version of the 50 cal in the back of a pickup truck with a F35 is kind of like using a backhoe to kill flies on roadkill. Might well kill the flies but at what cost and what other damage? Similar to sending a swat team to the Branch Davidian's for a for a firearms beef rather than local law enforcement people. Taxes and fees at some point morph into a question of control and in a real sense raising money is no longer the real objective nor is controlling firearms the main purpose of the BATF. It now is about distributing income from one group of people to another, or controlling the environment to prevent global warming or to promote racial justice etc. I am afraid that the actions taken by the Washington establishment against Trump, a legally elected President, show that the government is no longer controlled by the people nor does it have our best interests as its main goal. T5R just points out the fact that the best we can hope for is staying under the radar and hope they make an example out of someone else. On national TV we see every day examples of the failure of the justice system in our country and you don't even want to think of the injustice systems of the tax and regulatory bureaucrats.

    Stay grey, avoid crowds, get out of debt and cache well. God grant that we survive this period of madness and get back to a country that lives and works together and supplies our daily bread to all of us.
    Gator 45/70 likes this.
  6. Thunder5Ranch

    Thunder5Ranch Monkey+++

    I fear at this point in history we are too far down the rabbit hole and the rescue rope is about 10 feet too short.
    Bandit99, Gator 45/70 and duane like this.
  7. Bandit99

    Bandit99 Monkey+++ Site Supporter+

    I totally agree! And, hope everyone has made their peace with God and is prepared for the worse because it's coming - and soon.
    Gator 45/70 likes this.
  8. FTM2 Tartar

    FTM2 Tartar Monkey+++

    May 23rd 2026 Christ'll return, bless the day!
    And that is not a prediction mind you, just my draw in the local bar pool [errrr, ahhhh, I mean church pool!]
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