As the cost of living continues to rise, more and more people are looking for ways to save money. One way to save money is to avoid paying income taxes. Fortunately, there are several states that do not have an income tax. In this article, we’ll take a look at the seven states that are income tax free in 2023.
Alaska
Alaska is one of the states that does not collect income taxes. This means that all of the money you earn from wages and investments will stay in your pocket. Alaska also has no sales tax, so you can save even more money when you shop. While Alaska does not have an income tax, it does have a high cost of living and a volatile economy.
Florida
Florida is one of the most popular states for retirees and snowbirds, and it also has no income tax. This means that you can keep all of the money you earn from wages and investments. Florida also has no estate tax, so you can pass on your assets to your heirs without having to worry about taxes. Unfortunately, Florida does have a sales tax, so you will have to pay taxes when you shop.
Nevada
Nevada is one of the states that does not have an income tax. This means that you can keep all of the money you earn from wages and investments. Nevada also does not have an estate tax, so you can pass on your assets to your heirs without having to worry about taxes. Nevada does have a sales tax, so you will have to pay taxes when you shop.
South Dakota
South Dakota does not have an income tax, so you can keep all of the money you earn from wages and investments. South Dakota also does not have an estate tax, so you can pass on your assets to your heirs without having to worry about taxes. South Dakota does have a sales tax, so you will have to pay taxes when you shop.
Tennessee
Tennessee is one of the states that does not collect income taxes. This means that all of the money you earn from wages and investments will stay in your pocket. Tennessee also does not have an estate tax, so you can pass on your assets to your heirs without having to worry about taxes. Unfortunately, Tennessee does have a sales tax, so you will have to pay taxes when you shop.
Texas
Texas is another state that does not have an income tax. This means that you can keep all of the money you earn from wages and investments. Texas also does not have an estate tax, so you can pass on your assets to your heirs without having to worry about taxes. Texas does have a sales tax, so you will have to pay taxes when you shop.
Washington
Washington is one of the states that does not have an income tax. This means that you can keep all of the money you earn from wages and investments. Washington also does not have an estate tax, so you can pass on your assets to your heirs without having to worry about taxes. Washington does have a sales tax, so you will have to pay taxes when you shop.
Wyoming
Wyoming is the last of the seven states that are income tax free in 2023. This means that all of the money you earn from wages and investments will stay in your pocket. Wyoming also has no estate tax, so you can pass on your assets to your heirs without having to worry about taxes. Unfortunately, Wyoming does have a sales tax, so you will have to pay taxes when you shop.
Conclusion
If you’re looking for a way to save money and keep more of your hard-earned money in your pocket, consider living in one of the seven states that are income tax free in 2023. Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, and Wyoming all offer residents the opportunity to keep more of their income and investments without having to pay any state income taxes. Keep in mind, however, that all of these states do have sales taxes, so you will still have to pay taxes when you shop.
