While there are numerous benefits to moving to a no income tax state, there are also dozens of considerations. Today, we’ll discuss both. We’ll dive into 10 benefits, along with their corresponding considerations.
00:00 Introduction
02:50 No Income Tax While Working
07:35 No Income Tax During Retirement
08:54 Roth Conversion Savings
11:43 Increased Tax-Savings Through Back Door Roth IRA Savings
13:45 No State Capital Gains Tax
17:08 Potential Business Sale Savings
18:09 No State Corporate Tax
18:51 No Taxes on Interest, Bond Income, Dividends and Other Short-Term Capital Gains
19:45 Lower Social Security Taxes
21:15 Lower Medicare Premiums
Calculating the net impact of these decisions involves a fair amount of computation, so I want to go through the 10 benefits, but also show you some examples and give you some insight as to how a full-service planning firm, like Mariner Wealth Advisors, works through the variety of questions we get around this subject like:
1. How much will I save in taxes over my lifetime in a new state?
2. How much will I save in capital gains taxes?
3. How much will I save in retirement income taxes?
4. How much will I save in Medicare premiums?
5. How much might I save in Social Security taxes?
All of this is assuming you domicile correctly; you should consult with a tax or legal professional to work through these specific considerations.
Benefits:
1. No Income Tax While Working
2. No Income Tax During Retirement
3. Roth Conversion Savings
4. Increased Tax-Savings Through Back Door Roth IRA Savings
5. Long-Term Capital Gains Savings
6. Potential Business Sale Savings
7. No State Corporate Tax
8. No Taxes on Interest, Bond Income, Dividends and Other Short-Term Capital Gains
9. Lower Social Security Taxes
10. Lower Medicare Premiums
Moving is a large decision: it’s personal, it’s financial, and it’s undeniably complex. Understand that you are not alone if you are unsure as to how to go about this, and in this wealth-building journey, many people would like to have a guide…so schedule a time to chat at the link below.
#Relocation #IncomeTax #StateIncomeTax
Schedule a time to chat with Mike: https://bit.ly/3u7GR3o
For more information, please visit us online at https://www.marinerwealthadvisors.com/.
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These videos are limited to the dissemination of general information and are not intended to be legal or investment advice. Nothing herein should be relied upon as such. The views expressed are for informational purposes only and do not take into account any individual personal, financial, or tax considerations. There is no guarantee that any claims made will come to pass.
Disclosures: https://www.marinerwealthadvisors.com/mike-the-cfp-disclosures/
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