Today's Message Index:
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1. 04:49 AM - Twists and Turns was : TaxesTaxesTaxesTaxes (Ed Anderson)
2. 05:00 AM - Re: Taxes (Tom & Cathy Ervin)
3. 07:26 AM - Re: Taxes (Ralph & Maria Finch)
4. 10:25 AM - Re: Taxes (Sherman Butler)
Message 1
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Subject: | TaxesTaxesTaxesTaxes |
One thing you may want to check on (if applicable to you), is how your state
of choice treats different categories of retirement income.
For example if you have federal retirement (of military)income and retired
before 1989 it is exempt from NC state income taxes due to a US Supreme
Court ruling that states could not treat state employee and federal employee
retirement different. Some states at the time did not tax state employee
income (or not at the same rate as federal), North Caroline and Virginia
were a couple of examples.
Most states elected to apply taxes to the state employee rather than exempt
federal as well - surprise! However, in NC their Supreme Court ruled that
the state employees who retired before 1989 had a "Contract" with the state
and since their retirement income had taxes waived, then so must federal
retirement income for those who retired before 1989 (or were 100% vested) .
They quickly rectified their "oversight" but were not permitted to make it
retroactive.
Just mentioning this as one example - which may or may not apply. But, it
can make a big difference
Ed
Ed Anderson
-----Original Message-----
From: owner-rv-list-server@matronics.com
[mailto:owner-rv-list-server@matronics.com] On Behalf Of Chuck Weyant
Sent: Thursday, March 18, 2010 10:24 PM
Subject: RE: RV-List: TaxesTaxesTaxesTaxes
Emrath,
Thanks so much for the info. TN is sounding better all the time.
Chuck
Do not archive
-----Original Message-----
From: owner-rv-list-server@matronics.com
[mailto:owner-rv-list-server@matronics.com] On Behalf Of emrath
Sent: Thursday, March 18, 2010 9:26 AM
Subject: Re: RV-List: TaxesTaxesTaxesTaxes
Chuck,
I live near Nashville and hanger at KMQY Smyrna TN. Several RV's park there
and there a lots in the area close by. Hanger space is a premium however. I
can say that TN does not have a state income tax but they do have a Hall Tax
that taxes interest and dividends at 6%, but there is a personal exemption
and there are lots of types of interest income that are tax exempt (I'm not
a tax advisor). Property taxes are lower than other places I've live. I
do like the Chattanooga area and 1A3 may be something I should look at!
Marty RV-6A just about ready for inspection.
Time: 07:14:48 PM PST US
From: "Chuck Weyant" <chuck@chuckdirect.com>
Subject: Taxes
Wooee. Thanks for the invite. Who knows, just might do that. How's
taxes,
etc., in GA?
Chuck
_____
From: owner-rv-list-server@matronics.com
[mailto:owner-rv-list-server@matronics.com] On Behalf Of Bret Smith
Sent: Wednesday, March 17, 2010 6:16 PM
Subject: RE: RV-List: Taxes
Chuck,
I live in GA near the TN/NC border and keep my plane at Copperhill, TN
(1A3). Beautiful country and close to both Chattanooga and Atlanta.
Lots
of Florida retirees here with hiking, camping and fly fishing streams
everywhere. We have an active EAA Chapter nearby (www.eaa1211.org).
Why
not visit and stay with us to get a feel for the area.
Bret Smith
RV-9A N16BL
Blue Ridge, GA
www.FlightInnovations.com
From: owner-rv-list-server@matronics.com
[mailto:owner-rv-list-server@matronics.com] On Behalf Of Chuck Weyant
Sent: Wednesday, March 17, 2010 6:52 PM
Subject: RE: RV-List: Taxes
David,
Thanks so much for your words of wisdom. How right you are about not
reducing ones income to avoid taxes. I am recently retired but have
numerous modest investments (stocks, real estate, and two airplanes).
I
received some correspondence from a developer/pilot in Tennessee. TN
is
49th in state taxes with Alaska (petroleum rich) being 50th. That is
good.
My wife and I spent some time in TN two years ago and loved it there.
Don't
know what it would be like to live there though. Well, we don't have
to
make a decision immediately, so will continue to gather more info.
Again thanks for you words of wisdom. They're greatly appreciated,
Chuck
_____
From: owner-rv-list-server@matronics.com
[mailto:owner-rv-list-server@matronics.com] On Behalf Of
d-burton@comcast.net
Sent: Wednesday, March 17, 2010 7:43 AM
Subject: Re: RV-List: Taxes
It will make a huge difference what your personal situation is. Are
you
working? Do you have substantial investments? Income? Own a home? A
business?
We all pay on average about 42% of our income in taxes each year.
(Not
income taxes. All taxes in total). Everybody in developed countries
does.
This comes as a big surprise to most people.
You can look at your personal situation and find the best way to
maximize
your income and minimize your tax obligation. Just be careful that
you
don't figure out how to pay a tiny amount of tax at the expense of
earning a
tiny amount of money. What is important at the end of the day is what
remains in your pocket...
This article was written for retirees but can give you some things to
think
about and resources to do some additional research on different
states:
http://moneycentral.msn.com/content/retirementandwills/p45875.asp
The other problem is that things don't stay the same forever. My
state
(Washington) which has the same budget problems most other states do
at the
moment has looked and the "wealthy" airplane owners who are not paying
their
"fair share" of taxes and is proposing to add a huge use tax to
aircraft
this year.
Florida (where I have lived twice) is great and I'm considering living
there
again at least part time has incredibly low taxes. Unfortunately
since
taxes have been chopped to unsustainable levels, and there is not
adequate
revenue to support what little government services there are there, at
some
point in the near future things are likely to change dramatically for
the
worse.
I think finding a place friendly to aviation with good flying weather
may
drive the decision.
DavidB
RV6
href="http://www.matronics.com/Navigator?RV-List">http://www.matronics.com/N
avigator?RV-List
href="http://forums.matronics.com">http://forums.matronics.com
href="http://www.matronics.com/contribution">http://www.matronics.com/c
http://www.matronics.com/Navigator?RV-List
http://forums.matronics.com
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Message 2
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=C2- The bigger the government the more it costs and the less individual
freedom. This country was founded as,=C2-and still is a republic. Our con
stitution will win the battle=C2-in the end.
=C2-=C2-=C2-I agree let's go flying and enjoy the summer because=C2
-come November the socialism in Washington will be only a memory. Off to
the airport!
=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2
-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-
=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2
-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-
=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2-=C2
-=C2-=C2-=C2-=C2-=C2-=C2-=C2- Tom in Ohio=C2-
----- Original Message -----
From: "Bob Collins" <bcollinsrv7a@comcast.net>
Sent: Thursday, March 18, 2010 6:29:03 PM GMT -05:00 US/Canada Eastern
Subject: RE: RV-List: Taxes
OK, I can't resist. I see a lot of folks on here talking taxes who I KNOW w
orked for companies that got government contracts... otherrs who I know are
living off a pension after working for government for 20 years (I don't so
I'm still working), or got an education on the GI bill -- before which,=C2
- by the way, it was unusual to own a home.
The airports we fly in and out of ? Taxes.
Look, I'm not that interested in getting into a stupid talk radio discussio
n on taxes. I'm sure ther'es plenty of waste in government spending just as
there is in family spending. But our food supply is healthy, we can get an
ywhere we want in the world on a great infrastructure, our kids aren't crap
ping in the streets because there's no running water or sewer, the quality
of life via parks and trails is outstanding, I got educated thanks to peopl
e who paid their taxes who realized that me being educated and productive w
as a valuable investment.
We've got it good. Stop whining like a bunch of spoiled=C2-babies and com
e over and help me on the cowling.
======
Message 3
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Me neither. So just as this thread is winding down, I'll post my thoughts
to wind it up again.
To keep it barely aircraft related I'll start with places to live to fly
airplanes. I've traveled some and surely California, and Northern California
where I am, is one of the best overall places for a pilot to live: great
weather for 8 to 9 months of the year, little freezing weather unless you
live far up the mountains, very few thunderstorms. The coast gets its
stratus fog dependably, but I took my primary training decades ago in San
Jose and don't recall it being a problem. The scenery is fantastic and with
an RV you can reach the ocean, mountains, cities and desert within just 2 to
4 hours flight.
To be sure the cost of living is high here, though not really from taxes.
Housing in particular is higher than most places in the Union. Taxes are a
bit complicated. Once you buy a property, your property taxes can only
increase max at 2%/year, so if you don't move you gradually enjoy lower and
lower property tax, relative to inflation. Businesses take advantage of
this with very low property taxes using a legal scam: they create a small
corporation and register the corp as the property owner. Should they want
to sell to another business they merely change the directors of the corp.
Since the property continues to be owned by the same corp the property value
is not reassessed.
Other taxes are higher, California has both sales and income tax. However
I've seen statistics that place overall CA taxes in the middle of the
states, presumably because of the long-term low property taxes.
But are state taxes the biggest expense one has? I doubt it. For instance,
the March 2010 Aviation Consumer magazine editorial reports that data/chart
update costs for a GNS 480 and GMX 200 is $1300/year..for data that the
government provides to the private companies like Garmin for free. OK, most
RV'ers won't have that equipment, but the point is that by far most of my
and others' expenses involve commercial products, not state taxes.
So, most people griping about state taxes and saying they're going to move
are actually unhappy about their social or political surroundings. By all
means, don't stay in a place you're not happy living in. Me, I'm happy in
N. California. I just got back from London and Barcelona. Great places
both but every time I travel I am so grateful to return to California. I
live in a university town with a local airport 10 minutes drive away. My
airplanes buddies are a molecular research biologist, a civil engineer, a
successful businessman, etc. All have extensively traveled and most speak a
second language, as I do. I'd never find this overall aviation experience
elsewhere, and I've never seriously consider living anywhere else.
Ralph Finch
Davis, California
RV-9A QB-SA
From: owner-rv-list-server@matronics.com
[mailto:owner-rv-list-server@matronics.com] On Behalf Of Bob Collins
Sent: Thursday, March 18, 2010 3:29 PM
Subject: RE: RV-List: Taxes
OK, I can't resist
Message 4
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To all,
Some one looking for a good place to fly should consider the space between
the Rocky Mtns. and the Miss. River. =C2-The=C2-=C2-Government=C2-b
uilt thousands of airfields in nearly every community during the collective
effort to win WWII. =C2-No they didn't go out and shop. There are only a
few towers as obstructions, and the weather is mostly good. =C2-You will
need to know crosswind landings. =C2-The people are mostly friendly, and
we love our country deeply.=C2-
=C2-In some places there is high speed internet (the existing tax incenti
ve for internet improvements was, and is, spent by the communication compan
ies for bonuses).=C2-Taxes are generally split up between sales, property
, and income taxes to provide balance. =C2-Although there is sales taxes
on food there are not sales taxes on stocks and bonds.
For the most part roads are passable. =C2-Although originally each indivi
dual homesteader maintained 6 miles of road themselves, rugged individualis
t who couldn't be bothered by their share, messed that up. =C2-Now we pay
taxes and the counties and state do that work. =C2-I haven't seen houses
with their own 12 V windmills and battery sheds for house power in a long
time. (It was my wife's job to check battery water every day in the power s
hed when she was a girl). FDR's Rural Electrification Program brought 110/2
20 VAC power to the farms. =C2-His opposition said it was socialist and o
nly to power radios to hear FDR's speeches. =C2-I was glad I didn't need
to milk by hand, my mother had a electric stove, we had TV, power tools, el
ectric welders and had light to read. =C2-
You really ought to give this area a look.
Sherman Butler
=0ARV-7a Wings
=0AN497GS reserved
=0ACarlsbad, NM
Do not archive.
--- On Fri, 3/19/10, Ralph & Maria Finch <ralphmariafinch@gmail.com> wrote:
From: Ralph & Maria Finch <ralphmariafinch@gmail.com>
Subject: RE: RV-List: Taxes
=0A=0A=0A =0A=0A=0A =0A=0A=0A=0A=0A=0A=0A =0A=0A=0A=0AMe neither.=C2- So
just as this thread is winding down, I=99ll=0Apost my thoughts to win
d it up again. =0A=0A=C2-=C2-=0A=0A=0A
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