Tax Warrior Chronicles

No-Income-Tax States: The Grass Isn’t Always Greener!

Posted on Thu, Dec 16, 2021

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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Planning Considerations When Changing State of Residence

Posted on Tue, Nov 16, 2021

By: NiCole Rosado

 

New employment opportunities, a booming housing market, and a change of environment or slower pace of life. These are just a few reasons why people are planning to move. COVID-19 gave all of us time for reflection and, for some, opportunities outside of their current domicile. In today’s blog, we’ll look at simple ways you can evaluate a change in residence before you pull the trigger…including taxes.

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Tax Implications of a Business Move to Another State

Posted on Tue, Dec 29, 2020

By: Clare Porreca, CPA, MT

 

Moving a business to a new state is a complex decision. Among the many factors to consider is the state and local tax (SALT) implications on the business, employees, and owners. In today’s blog, we outline some of the major considerations.

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City or the Burbs?  The Choice of Moving to Philadelphia

Posted on Thu, Jun 22, 2017

By: Tim Carroll, CPA, MT

 

The City of Brotherly Love, home to The Tax Warriors, is high on most lists as a suitable place to live and work. Whether you are a new graduate, in the middle of your career, or a recent retiree, Philadelphia is an attractive choice for a new home. On the other hand, any of the charming surrounding suburban towns could be the ideal place for you.  Today, we will examine a few considerations when deciding whether to live in Philadelphia or one of the surrounding suburbs...and, yes, taxes are one.

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IRS Increases Mileage Rates - How Best to Take Advantage

Posted on Fri, Nov 30, 2012

The Internal Revenue Service has announced that the optional standard mileage deduction for owned or leased automobiles (including vans, pickups or panel trucks) will increase by 1¢ to 56.5¢ per mile for business travel after 2012

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