How to save taxes if you have residences in more than one state
Being domiciled in a state for tax purposes requires some planning, but can save a great deal of taxes. Each state has mechanisms to protect its residents from another state’s income tax. Some planning and attention to the rules can protect taxpayers who have residences in more than one state.
So, how does a snowbird demonstrate Florida residency for income tax purposes to escape tax in the state he or she returns to in the summer? Check out a recent article in The Tax Adviser as they answer this question.
If you a residence in more than one state and would like to know more about domicile and state income tax, contact a ShindelRock tax professional today.