Financial PlanningTaxes

Exercise caution when changing your state of residence

Tax issues

If you are moving from a higher tax state to a lower tax state. The State of New York, for example, challenges over 5,000 taxpayers every year.  The cost of defending these audits if high and the cost of failing to prove your intended domicile is even higher.

State rules about residency for tax purposes are complex and often misunderstood.

The best strategy is to talk with a tax professional to get a check on your understanding and second opinion on these complex rules.

If audited – get a tax representative BEFORE you speak with an auditor. Auditors are trained to get you to say something that will weaken your position. A “slip of the tongue” can be expensive.

Medical issues

Health care laws are moving toward more diversity. Where you live can determine your options, your rights and your cost. Be sure or the details and plan out your options if possible.

Other legal issues

Legal residency and domicile can affect contracts, licenses and other legal issues. Be sure to consider all the relevant details.

 

I am pleased to offer a free consultation if you have concerns about domicile and residency. Click on the chat box below.

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