By: Melissa Boyce, CPA
In this ever-changing tax environment, some people may look to move to a state with no income tax to reduce their tax burden. As of 2021, there are eight states with no state income tax; Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming. New Hampshire does not tax earned wages but does tax investment income and interest. The taxation of investment income and interest is set to phase out starting in 2023, so by 2027 there will be nine states with no income tax. However, before you move to save taxes there are several factors to consider.
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