Each day, 1,000 people move to the Sunshine State, primarily from within the United States. There are many reasons that people are moving to Florida, from the weather, the business climate, or the favorable tax rates. While South Florida contains several expensive metropolitan areas, the cost of living remains dramatically lower than the northeastern regions, particularly around New York, Boston, New Jersey, or Washington, D.C.

Moving to Florida

Most areas around moving to Florida focus on real estate matters, the areas around domicile and residency are very important. While relocating within the United States is straightforward, high tax states like New York, New Jersey, and California are not happy about losing their tax base. These states will attempt to challenge your new domicile, attempting to attach their tax rates to your income long after you’ve left.

If you are picking up and taking a corporate job, these issues will generally not apply to you, though they may challenge you on the partial year if you don’t work diligently to relocate, but if you own a business or property in your former state, you should be prepared to fight off a state revenue department’s attempt to continue collecting income taxes from you.

The advantages to being a Florida resident include the obvious ones like no state income tax, but there are less obvious benefits as well. When you establish a homestead of your primary residence, you get a reduction in the milage for the property taxes, as well as a limit on the state’s ability to increase your valuation under the Save Our Homes Act.

We speak with people moving to Florida every week, and have established a system of helping people quickly move their tax domicile to Florida. By quickly documenting your move, you can establish your residency and deny your former state’s ability to tax you, particularly if you are traveling between states or earning income with remote work to your former state.

Bobby Bonilla Day

By |2021-06-30T22:47:58-04:00June 30th, 2021|Categories: Quickies with Bette|Tags: , , , , |

Tomorrow is Bobby Bonilla Day. Bobby Bonilla is a former player in Major League Baseball who played in the major leagues from 1986 to 2001. This day is celebrated by the sports and financial world! Why? Because the Mets pay Bonilla $1,193,248.20 every July 1 from 2011 until 2035.

Freedom Week – New Tax-Free Holiday

By |2021-06-29T15:49:18-04:00June 29th, 2021|Categories: #TaxTipTuesday|Tags: , , , , |

We’ve seen Florida's tax-free weekend for back-to-school and the disaster-preparedness sales tax holiday, but now Gov. Ron DeSantis has signed a bill that begins a new tax-free holiday called “freedom week.”

Is Florida Covid-Free?

By |2021-06-04T21:27:20-04:00June 4th, 2021|Categories: Other Perspectives|Tags: , , , , |

Is Florida "Covid-Free?" No, but people are sure acting like it. Florida is opening back up, and according to usafacts.org, 39% of Florida's population is COVID-19 vaccinated. I have noticed that most businesses in Florida don't require masks (as long as you're fully vaccinated). I figured that I'd take a look at what Twitter is saying about Florida's Covid-free future.

Florida Tax Holiday 2021

By |2021-05-31T13:08:56-04:00May 31st, 2021|Categories: #FinanceFriday|Tags: , , , , |

Florida's Tax Holiday is a sales tax holiday, which isn't really new in Florida. We've been doing this for several years, but it is a little different this year. Anyone familiar with Florida knows that the rainy season is hurricane season. Actually, it's starting May 28th; we've got the Disaster Preparedness Sales Tax Holiday right now. So what does that mean?

Stimulus Money & Spending Habits

By |2021-04-15T10:22:07-04:00April 15th, 2021|Categories: Other Perspectives|Tags: , , , , , |

Stimulus money, stimulus checks, economic relief payments, no matter what you call it, you know that the world has been waiting for this money. Now, Coronavirus and its effect have been nothing short of devastating; however, I believe the only silver lining might be the stimulus checks. So far Americans, who are eligible, should have received three stimulus checks totaling $3200.00. With all this "unearned" money hitting our bank accounts, it begs the question, "What are people spending their Stimulus Checks on?" Well, I did some digging across Twitter and Tiktok and found some savvy spenders, some not-so-smart spenders, and some that made me laugh out loud. Let's take a look at this social media round-up. 

Founders Fund, led by Pay Pal Founder Peter Thiel, relocates to Wynwood Annex

By |2021-03-30T23:11:44-04:00March 30th, 2021|Categories: Other Perspectives|Tags: , , |

Peter Thiel's Founders Fund sets up new headquarters in Miami's hip Wynwood district, in the gorgeous Wynwood Annex office building, just a block from Wynwood Walls and in the heart of the Wynwood's Art District.

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