This year will see many more Americans moving across State lines. As we are faced with ongoing pandemic issues, many of my clients are looking to move to less densely populated areas. Many of us are also able to work remotely long term so this means we can live anywhere and still work effectively. Have you considered moving to another State?
One big factor in this decision is taxes. All sorts of taxes being income tax, sales tax and property tax. Kiplinger’s did a study this month and found the most “tax friendly” state for middle class taxes is Wyoming. No state income tax and sales tax at 5%. Next in line was Nevada and thirdly Florida. The least tax friendly states in their study were Illinois, Connecticut and Iowa.
Have you done the math on what reducing your tax burden would mean for your monthly cash flow? Is it worth the move?
We would love to have this discussion with you as you plan 2021 and beyond.