Who needs a financial advisor when you have Google?
According to a June 3 report by TermLife2Go, Michigan residents searched "income tax" more than any other financial term last year.
Residents of 23 other states, including Alaska, Wisconsin and California, asked google about their respective income taxes. As new tax laws, such as the new $10,000 cap on state and local tax deducations, went into effect in 2018, many consumers reported that they struggle with new basic concepts involving consumer tax codes.
The report also found that the most Googled term from New York residents was "estate planning." New York is ranked No. 4 in highest estate taxes and second for having the most billionaires in the U.S. The most-Googled term in Wyoming was "retirement." Reports show, Wyoming has the state with the fastest-growing senior population of any state.
Additionally, the top financial questions asked by U.S. residents are as follows:
- Why do I need mortgage insurance?
- How do income taxes work?
- Can college students get Medicaid?
- What is an estate plan?
- Are child care expenses tax deductible?