Factor in state and local taxes when deciding where to live in retirement
Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision.
Tax Implications of Moving
People move for various reasons: to be close to loved ones, amenities and nightlife, to pursue lower living costs, or just because you always wanted to live in a certain place. Proximity to work is the most common reason for moving, and you may be eligible for tax incentives if you just got that offer for a dream job hundreds of miles away. Or, if moving to the city of your dreams is the only viable place where you can start a business, chances are that you can deduct your moving expenses.Read more