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Wednesday, December 3, 2014

Common Misconceptions About State Income Taxes

Understand your state income tax
with the help of an accountant
State income taxes are complicated, especially when each state has their own way of doing things, and this complicated web of differing tax rules can lead to a lot of misconceptions.

Don't fall for these seven common myths about state income taxes this year:

  • Myth 1: I only have to pay income taxes to the state I live in.
  • Myth 2: State income tax rules are the same as federal tax rules.
  • Myth 3: State income taxes are unconstitutional.
  • Myth 4: I have to pay income taxes to the state where my employer is located.
  • Myth 5: I don't have to file a return in a reciprocal state.
  • Myth 6: I got audited, and everything was fine. Therefore, I did everything right on my return.
  • Myth 7: I don't owe taxes because I live or work in a state without an income tax.
READ MORE >> TAXES.ABOUT.COM: Seven State Income Tax Myths

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