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.
Prep Early for Next Tax Season posted on May 20
Filing season is finally over and we know the last thing on your mind is next tax season. But did you know that if given more prep time, you could be saving yourself lots of stress and time? Start planning for next tax season now …Continue Reading Prep Early for Next Tax Season
DOR’s Participation in the Family Court Workshops posted on Apr 22
Once a month, the Department of Revenue’s Child Support Enforcement (CSE) lawyers and staff volunteer to be a part of the Family Court Workshops for Mothers and Fathers at the Suffolk County Probate & Family Court in Boston. The workshops, a joint venture between community …Continue Reading DOR’s Participation in the Family Court Workshops
DOR Ruling Favorable in First Circuit Judgment posted on Mar 17
The United States Court of Appeals for the First Circuit issued judgments in the Department of Revenue’s (DOR) favor last month, finding that taxpayers in Bankruptcy proceedings cannot discharge late filed tax returns. The court consolidated two similar cases brought before them involving a total …Continue Reading DOR Ruling Favorable in First Circuit Judgment