State Taxes and Local Taxes

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Each state (and the Federal District) have their own taxing authority. Cities and counties also have their own revenue departments, that raise money from their local population. As businesses grow, they interact with more and more of these tax authorities, making State and Local Taxes (known by the acronym SALT in the accounting industry) a challenging area that firms completely specialize in.

Because we specialize in helping individuals and businesses relocate to income tax free Florida from high tax states, we spend a lot of time dealing with how New York State taxes (and New York City’s city taxes) apply to our clients and their companies.

These high tax locales hate losing their high earning (and tax paying citizens), and will often challenge your residency if you have extensive assets in your former state. We often help new (and prospective) Floridians move their tax residency to Florida, making sure to dot every “I” and cross every “T” to prevent their former states from attaching their taxes to our clients’ income.

During the The Tax Cuts and Jobs Act of 2017 (TCJA), also known as the Trump Tax Cuts or Tax Reforms, SALT taxes went from fully deductible to being capped at $10,000 per year. For most taxpayers this had little impact, but for high earners in states and cities with high tax rates, this change created a significant impact on their taxes. Because of the reduction in rates, most taxpayers still saw a reduction in taxes owed, but for high income earners in New York, New Jersey, or California, they found that their taxes were largely impacted by the tax code changes.

In contrast, areas like Florida with no state income tax watches their residents receive substantial tax reductions. During the pandemic, this economic impact combined with Florida’s relatively open economy caused many people to consider moving to Florida.

There are many non-financial reasons to move to Florida, like a growing economy, beautiful beaches, fantastic weather, and a uniquely multinational culture. However, the tax impact of the move often helps people make their financial decision. If you are considering the economic impact of moving to the Sunshine State, schedule a meeting with us to discuss what the tax impact will be.

New York is STILL Moving to Florida

By |2022-05-31T15:43:58-04:00May 31st, 2022|Categories: Quickies with Bette|Tags: , , , |

New Yorkers are still fleeing the state and moving to the sunshine state of Florida. Now, Floridians, for anyone who's been living here since I guess the pre-pandemic, we've seen this, we know. We know how little housing there is and how many drivers are on the road, but we have an official number now.

10 Florida Tax Holidays Video

By |2022-05-11T13:11:06-04:00May 11th, 2022|Categories: #TaxTipTuesday|Tags: , , , , |

On May 6th, Florida Governor Ron DeSantis signed House Bill 7071, which provides more than $1.2 billion of tax relief for Floridians. This bill is a massive tax relief bill that includes ten tax holidays. We're going to run through them quickly.

State Business Taxes

By |2022-02-09T13:16:35-05:00February 9th, 2022|Categories: #TaxTipTuesday|Tags: , , , , , |

If you think you may have state tax reporting requirements want to inquire about state nexus reporting, let us help you get the answers you and your business need. We are here to help you file your state taxes accurately.

Florida’s Real Estate Market

By |2021-12-03T16:32:45-05:00December 3rd, 2021|Categories: #FinanceFriday|Tags: , , , |

Hi, I'm Bette Hochberger, CPA, CGMA. For today's #FinanceFriday, I have a fabulous realtor, Alexa Rosario, who will tell us a bit about what to expect from the Florida real estate market when moving. Alexa has been selling real estate since 2013. so she has seen over the last, almost ten years of what has changed in the market.

Back-to-School Sales Tax Holiday Video

By |2021-07-27T20:28:02-04:00July 27th, 2021|Categories: #TaxTipTuesday|Tags: , , , , |

Hi, I'm Bette Hochberger, CPA, CGMA, and on today's Tax Tip Tuesday, we're going to talk about the upcoming back-to-school sales tax holiday. This is a very cool thing we do in Florida. It's been going on for; I don't even know how long. It's been going on for years, but basically, what's going to happen is there are many things that you can buy that are going to be sales tax exempt for going back to school.

Foreign Tax Issues for US Citizens Video

By |2022-12-16T10:46:25-05:00June 11th, 2021|Categories: #FinanceFriday|Tags: , , , , , , , , |

Today on Finance Friday, we discuss foreign tax issues for US citizens with Andre Benayoun JD, BBA. Andre is one of the most brilliant people I know; he is a partner at Marcum Accountants & Advisors and a family friend.

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?

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