There are many factors which enter into your decision of where to live or retire. You may want to move to be closer to your grandchildren. You may want to be in the climate you prefer. One of the factors to include in your decision is taxation. As long as you live in the United States, you will be subject to federal income taxation. In fact, even if you live overseas, if you are a U.S. Citizen or green cardholder, you’ll be subject to federal taxes. But that doesn’t mean you cannot lower your … [Read more...] about Best Places to Retire: State Taxation
State Income Tax
New Tax Law May Affect State Income Tax, Too!
As you likely know, in the final days of 2017, Congress passed, and the President signed, a new tax law. It substantially changes the federal income taxation of individuals and couples. As I blogged last year (i.e., last month), the biggest changes are the near-doubling of the standard deduction amount and the cap on the state and local income tax deduction. The result is that most taxpayers who found it advantageous to itemize their deductions on their federal income tax returns will no longer … [Read more...] about New Tax Law May Affect State Income Tax, Too!
