State income tax authorities are very concerned about where you live at tax time. Your domicile can significantly impact your tax obligations. You may need to provide documentation to prove where you live. This can include utility bills, rental agreements, or other official records confirming your address. This is crucial when moving from a high tax state. Relocating to a “no income tax” state can lead to substantial savings if done correctly. Ensure all your records align with your stated residency. This is important for compliance with state laws and minimizing the risk of penalties. By understanding these requirements and preparing accordingly, you can navigate the complexities of state taxation effectively.
Our friends at NewEdge Wealth walk you through the details, from the perspective of a financial advisor.
Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.
He is a partner in the national securities law firm Sallah Astarita & Cox, LLC, and the founder of The Securities Law Home Page - SECLaw.com, which was one of the first legal topic sites on the Internet. It went online in 1995 and is updated daily with news, commentary and securities law related links.
