NTRC Accounting and Tax

For individual #taxpayer, the tax return date has been extended till May 17. Are you a #lawyer, #realestateagent #realtor #smallbusiness #realestateinvestor, #trucker #healthcare worker then this is the last chance to file your tax on time.

Celebrating the Women's History Month. #WomensHistoryMonth #womeninbusiness #womenempowement

You also might want to check your w4 withholding. This will also affect the size of your refund.

Are Taxpayers in Your State Giving More Money to the Feds than They Get Back? Tax season is in full swing, and it’s fair to wonder what you’re getting for all your money. It turns out for people living in most states, the federal government is spending a lot more than it’s receiving in tax revenue. 40 out of 50 states are getting more, sometimes a lot more, from the federal government than they’re paying in taxes. Taxpayers in Virginia receive more than $10,000 on a per capit...a basis than they pay, the biggest imbalance of any state in the country. Several states in the Northeast pay thousands more in taxes than they receive from the federal government. Our data come from the SUNY Rockefeller Institute of Government’s 2019 report on fiscal policy. The report breaks down how much money each state pays to the federal government through taxes on a per capita basis (pink), plus how much the feds sent back in the form of expenditures (green). Expenditures is a broad category and covers a variety of things, including direct payments to people like Social Security, contracts for local governments, wages for federal workers and sub-contracting work. We ranked the states moving clockwise from high to low on the net difference between the two figures, showing a unique take on the balance of payments between federal and state governments. The first and most obvious insight in our visualization is to understand which people are receiving more money in federal outlays than they’re paying in taxes. Virginia, Kentucky and New Mexico top the charts as the top three getting the most money back. For example, in Virginia, people on average contribute $10,571 in federal tax revenue but benefit from $20,872 in federal outlays. Granted, many of these expenditures are payments to the federal workers who actually live in the state, but it’s still a nice return for the state. At the opposite end of the spectrum, several states are actually in the red. Connecticut, New Jersey and Massachusetts each contribute thousands more on a per capita basis than they receive back from the feds. California is the closest to breaking even at a net difference of $12 per person, which is slightly more than the state’s minimum wage of $11/hour. Bear in mind our visual doesn’t take into account the overall size of the allocations. California looks small only because it’s a per capita figure. In reality, we’re talking about billions of dollars in money flowing back and forth. In the final analysis, 40 out of 50 states are getting more, sometimes a lot more, from the federal government than they’re paying in taxes. There’s a net negative balance of payments across the country. That’s why the federal government is running a massive deficit of around $1 trillion this year. Unless and until politicians are willing to let their states contribute more than they receive, this situation will likely only continue to get worse.

Highest-Paid Job in Every State Want to make a lot of money? Become a doctor. That’s the basic message behind our new map breaking down the highest paid occupations in every state. Almost every single top-ranking job is in the healthcare field.... We have together a list of the highest paying jobs in every state based on annual mean wage figures, according to the U.S. Bureau of Labor Statistics. We created a color-coded map by occupation, letting you easily see the regional patterns at the highest end of the labor market. At the macro level, all the top paying jobs are from the medical profession. That’s because we’re looking at annual mean wages for large groups of people. Only some actors in California, for example, make millions of dollars. The vast majority of people don’t make very much money creating films. But doctors and dentists generally make tons of money no matter where they live. The real question then is which types of medical professionals make the most money. Across the Northwest, there’s an obvious cluster of obstetricians and gynecologists. Internists are the highest paid in only two states, Minnesota and Arkansas. Anesthesiologists do pretty well no matter where they work. Interestingly, our map indicates there isn’t much variation in average incomes for the highest-paid jobs across the country. Every state boasts a wage around $250k to $390k with the exceptions of Puerto Rico ($135,510), the Virgin Islands ($150,620) and Guam ($163,180). No occupation makes millions on average, and yet, regardless of where you live, if you work one of these jobs you can expect to make some decent coin. This means that the real differentiating factor to consider is the cost of living, which determines how much money people keep after paying for their basic necessities. For example, the cost of buying a house is outrageously expensive in California compared to Ohio. An anesthesiologist only makes on average about $7,000 more in California than Ohio, but he or she would likely pay tens of thousands more housing. Although we don’t recommend picking a job based solely on how much money you’d make, it’s always helpful to know where you stand for both income and expenses.