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.
MA Filing Extension to April 18th Announced posted on Apr 15
The Department of Revenue’s WebFile tool, which allows individuals to electronically file state personal income tax returns, has experienced delays due to heavy volume over the past few days. DOR is actively working to resolve this issue, and has extended the deadline for taxpayers to …Continue Reading MA Filing Extension to April 18th Announced
WARNING: Tax Lien Notices NOT issued by DOR Making the Rounds posted on Mar 13
Here’s another unfortunate addition to the list of financial things to protect yourself from. DOR has learned that letters of questionable origin are being sent to taxpayers with outstanding tax liens. Although these notices show amounts from actual tax liens, they are not from the Massachusetts …Continue Reading WARNING: Tax Lien Notices NOT issued by DOR Making the Rounds
Don’t Let a Hacker Steal YOUR Refund posted on Mar 11
There are some rabbit holes you definitely don’t want to fall down during tax season. One such hole, and an increasingly-common nightmarish scenario, is finding out your tax refund has been stolen. In a recent article, Allison Martin of Money Talk News was the bearer …Continue Reading Don’t Let a Hacker Steal YOUR Refund