Tag: local
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Thinking About Moving to Another State in Retirement? Don’t Forget About Taxes
When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears. Identify all applicable taxes It may seem…
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Some Deductions May Be Smaller (or Nonexistent) When You File Your 2018 Tax Return
While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return: State and local tax…
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Factor in State & Local Taxes when Deciding Where to Live in Retirement
Many Americans relocate to other states when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision. Income, property, and sales tax Choosing a state that has no personal income tax may appear to be the best option. But that might not be the case once you…