Using IRS income stats for where to locate your financial planning firm
Posted by William Byrnes on August 7, 2014
Combing through the IRS’ income tax data by county and by zipcode can provide valuable insight for, by example, where to locate a business that depends on foot traffic, where to live (for a well funded local public school) and where to direct marketing efforts for financial planning and wealth management.
Take for instance California. Some counties have substantially more tax filers in the category above $200,000 income, than others. The entire state has 802,100 tax filers reporting $200,000 and greater income, 83% being married couples (665,110). That’s almost twice New York State’s with just 413,720 (of course, to understand New York City, I would need to add in the metropolitan stats from the tri-state Connecticut and New Jersey suburbs of the City). However, Texas beat out New York at 433,150 high earner returns, whereas Florida only had 278,560.
Read my analysis by country and metropolitan area in my International Finance Professor Blog article.