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Add a better breakdown for Local Tax on the Taxes tab

There is an item for Local Tax on the Taxes tab that is described as “Taxes collected at the local/county/municipality level.” I was surprised to realize that it included property tax because I usually think of local tax as local income tax. It would be useful to see a detailed list of what sorts of local tax this can include.

Related: app.projectionlab.com/plan/{plan_key}/tax-analytics

11 votes

Tagged as Suggestion

Suggested 25 July 2023 by user Kim W

Moved into Completed 13 October

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  • 25 July 2023 Kim W suggested this task

  • 25 July 2023 Kyle Nolan approved this task

  • avatar

    Agreed. I don’t think of property tax as being a “Local Tax”; I just think of property tax as being an expense attached to my Real Estate asset(s).

    06 September 2023
  • avatar

    For Local Taxes as related to local income taxes, I would suggest:

    • having a toggle on the Estimate for Me tab in Tax settings, (where you put in your state) would be helpful - maybe before the income tax modifier spot, to say “Local Taxes applied to income: on/off” toggle button, and then maybe populate beside it what the system is going to use as a default along with an input box to override that with a custom rate if wanted.

    • I think the state of New York should be zero as a default, rather than 1.49 (maybe with a warning message pops up that New York City and Yonkers charge their own income tax based on residency). It was surprising when I finally realized the system was applying a local income tax at all, seeing as how most of NY state does not have local income tax outside these two jurisdictions.

    15 May 2024
  • 24 September Shawn Sansom moved this task into Building

  • avatar

    I think we’re already doing a lot here, but 4.4.0 will break down state/provincial and local taxes and income much more so.

    24 September
  • 25 September Kyle Nolan moved this task into Early Access

  • 13 October Shawn Sansom moved this task into Completed