2018 – 06/05 – Factor in state and local taxes when deciding where to live in retirement

2018 – 06/05 – Factor in state and local taxes when deciding where to live in retirement

Thinking about retiring to another state? Consider state and local taxes. A state that has no personal income tax may appear to be the best option. But if you don’t also factor in property, sales and estate taxes, you could be hit with unpleasant tax surprises. Also look at what types of income a state taxes. Some don’t tax wages but do tax interest and dividends. Others offer tax breaks for retirement plan and Social Security income. And keep in mind the TCJA’s new $10,000 limit on the federal deduction for state and local taxes. Contact us to learn more.

06_05_18_87627715_itb_560x292.jpg

Tag:

Tag:

Let’s Discuss Your Financial Success

Our firm has been helping both individuals and businesses create bright futures for their finances since 1977.