We live up here in the Northeast, close to some high-tax states, like New Jersey and New York. A lot of people from around here move to Florida when they retire. It has no state income tax and can save them a lot of money.
Pennsylvania has a relatively low state income tax, but New York and New Jersey are relatively high.
Over the years, I’ve heard people with different stories say how they would spend half a year plus a day in Florida to establish residency or something along those lines. Depending on where you’re moving from, it may not be that easy, but it may be.
Now there is an app for that.
Actually, there are multiple apps for that. Two that I saw in an article on the subject – Monaeo and TaxDay – are apps that help you track where you live and help you document to the IRS where you’re spending your time. They also know the residency rules of the various states.
Interesting stuff.
My name is Mike Garry, and my company is Yardley Wealth Management. We are a fiduciary, fee-only financial planning, and wealth management firm in Newtown, Pennsylvania. (That’s in Bucks County). Our law firm is Yardley Estate Planning, LLC and is in the same place. We only do Estate Planning work and I am licensed in Pennsylvania and New Jersey.
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