As the weather turns colder, the sky grayer, and the heating bills higher, there are some folks who start thinking about moving to a warmer clime, such as Florida.
Some of those same folks find Florida's tax climate favorable as well, given the absence of an income tax or estate tax in the Sunshine State.
However, before you pack up and go, and before you start spending those income taxes you'll no longer have to pay, there are a host of legal and financial arrangements you'll need to make to ensure that you are no longer a resident of the Bay State.
At the risk of oversimplication (blogger's prerogative), the most fundamental requirement is to spend 183 days or less in Massachusetts during each tax year (and to keep records that vouch for that).
That's the starting point for making the case that your residence is no longer in Massachusetts. But there is lot's more to do.
Click here for detailed information from DOR's website on the ins and outs of domicile. And for a recent article on the subject written from the point of view of a tax lawyer and estate planner, click here.
Don't forget the sunscreen.
Commute to work on the T, Commuter Rail or Turnpike? You may be eligible for a Massachusetts Commuter Deduction on your tax return! posted on Jul 16
The Commuter Deduction was enacted by the Legislature to cover specific commuter expenses. To help understand the deduction, the Department of Revenue’s DOR University has released an e-learning module explaining what qualifies for a deduction, real-life examples and how you can claim your commuter deduction …Continue Reading Commute to work on the T, Commuter Rail or Turnpike? You may be eligible for a Massachusetts Commuter Deduction on your tax return!
DOR Offers FREE E-Learning Course on Fraternal Organization Tax Responsibilities posted on Jul 9
Help get the word out! The Department of Revenue’s online DOR University has recently developed a new free e-learning course on the tax responsibilities of fraternal organizations. Fraternal organizations are considered a type of Chapter 180 Corporation, which are formed for charitable or other purposes. …Continue Reading DOR Offers FREE E-Learning Course on Fraternal Organization Tax Responsibilities
New Boat Owners: Don’t Get Landlocked This July 4th Weekend! posted on Jun 25
This is traditionally one of the busiest periods of the summer at DOR offices as new boat owners come in to pay sales taxes on their boats or other recreational vehicles, so they can enjoy the holiday weekend on the water. So, want to …Continue Reading New Boat Owners: Don’t Get Landlocked This July 4th Weekend!