Wyoming, the Tax-Friendly State

The one hundred and fifth day of the year, April 15th, also known as “Tax Day” is the annual day on which individual tax returns are due to the federal government. Not traditionally a day of celebration, for most taxpayers. However, if you live in Jackson Hole or in another part of the Equality State, you were not hit with as great of a tax burden as the remaining 49 states in the Union. There are many reasons why Jackson Hole is a desirable place to live, but come mid-April you can be even more grateful for Wyoming’s overall tax climate benefits.

Wyoming has once again been awarded the most tax-friendly state in the Union for the fiscal year of 2015. The state’s dismissal of corporate and individual income tax secured its top rank in The Tax Foundation’s State Business Tax Climate Index.

The tax benefits of buying a home in Wyoming are substantial, according to David Toran, CPA. David is the owner of Toran Accounting, a certified public accounting firm in Jackson that provides tax preparation, planning services and specializes in the tax implications of real estate transactions, investment income, and small businesses.

“We work with clients all across the country,” says Toran. “It always amazes me the amount of money clients save in taxes when they have established residency in Wyoming. There is no state income tax. No state gift tax. No inheritance or estate tax in Wyoming. Let’s take two clients—one from Wyoming and one from another state. They sell the exact same stock. Both have a gain on that stock of $100,000. Long term capital gains tax rates are as high as 13.3% in other states. One client is paying up to $13,300 in state taxes alone. The Wyoming client pays nothing! Exact same stock, but the Wyoming client is getting a much larger rate of return simply by being a Wyoming resident. Now apply that to your wages, profits on your business, selling your house, your investment income…. Think about the impact of that over the course of your lifetime. There isn’t even a tax when you leave all that to your children.”

Now that your taxes are filed (or you have hopefully filed for an extension), you can get back to enjoying the numerous other reasons you decided to live in Jackson Hole. Jackson Hole Mountain Resort might be closed for the season, but there is still plenty of snow if you are willing to earn-your-turns and hike the Glory bootpack or set the skin track in the park. The trails in Cache Creek are drying up between the brief snowstorms, so maybe take that tax return and treat yourself to a new mountain bike (or a used one at the bike swap). And remember the Teton Park Road is now open for non-motorized travel until May 1, so grab your bike, blades or board and go enjoy the natural splendors of Grand Teton Nation Park, admission to the National Parks is free this weekend in celebration of National Park Week.

While we’re still a few months off from the park being this snow-free, April can be the best time of year to travel the inner roads under your own power—completely free of cars.

Annual Idaho Concert Schedule Announced

Teton Valley is often referred to as “the quiet side of the Tetons,” but with the announcement of the 10th annual Music on Main concert series schedule it appears they’re willing to set aside the “quiet” for at least one night a week again this summer.

The event, which has bounced between Victor and Driggs over the years, makes its home in Victor’s City Park again each Thursday evening between June 25 and August 13. The evenings are, like most things in Teton Valley, quintessentially family-friendly and are free admission. Vendors will have food and drinks available, and the START bus runs from Jackson to Victor for those looking to hop the pass for great live music.

The relaxed atmosphere, warm evenings and a strong, diverse lineup of nationally touring acts opened by wonderful local groups is the perfect excuse to start your summer weekend a little early and dance in the park with your neighbors. Big names this year include evenings with Blitzen Trapper, the Young Dubliners and many more. Visit the Teton Valley Foundation‘s page for the full 2015 lineup.

A huge thanks to the Teton Valley Foundation for putting on this wonderful community event, and congrats on the upcoming Music on Main anniversary. Here’s to another ten years, and beyond!

Great live music is a staple of Teton Valley – where Grand Targhee hosts it’s eponymous Bluegrass Festival and Music Festival each summer, and the storied Knotty Pine brings a diverse selection of acts year round.

Perhaps it’s time we give Teton Valley a new nickname…


Jackson Hole Sotheby’s International Realty #232 in National Ranking of Residential Real Estate Firms

Real Trends has just released its “Real Trends 500” ranking of residential real estate firms for 2015. Jackson Hole Sotheby’s International Realty came in at #232 in sales by volume and was the only company in Jackson Hole, the region or the state to make the list among the top 500.

The Real Trends 500 relies on independently verified sales data in compiling its unbiased rankings of the most successful real estate brokerages in the nation. This particular ranking accounts solely for sales volume and pits our brokerage against the largest brokerages and markets in the nation.

Real Trends also publishes the report “Real Trends – The Thousand” in conjunction with The Wall Street Journal to rank the top one thousand individual real estate agents and teams. In 2014, the most recent ranking available, “The Thousand” honored JHSIR’s Spackmans & Associates team as the 47th team in the nation by sales volume.

Thank you to all of our agents for continuing to make Jackson Hole Sotheby’s International Realty the best choice for all of your real estate needs in Jackson Hole, Teton Valley and beyond.