Moving can be a big endeavor and the summer months are definitely the time that many families plan to make their move. When you are moving from state to state, another layer of complications that can come your way are the tax implications. This is something that many people haven’t given much thought to until they arrive at their new home. Taxes vary from state to state and it’s important that you are aware of what your taxes might look like once your move is finalized. Mark Dicus & Company is here to talk about some tax considerations you may want to make at you are planning your next move.
Moving May Change Your Income Taxes
Depending on where you are moving, you may see that the income taxes look different in your new location. Sometimes this works to your benefit while for others, it can make things challenging. You may be moving from a state that takes a good chunk of your pay each month to go toward income taxes to a state that doesn’t take any income taxes out of their resident’s pay. If you are moving and the situation is the other way around, it can be a real challenge. As you are making plans to relocate, take a look at the IRS web page to see what the income taxes look like at your new location.
Highest & Lowest Income Taxes in States
Like mentioned above, each state looks at income taxes a little differently. Following is a list of the states that have the highest income taxes as well as those that have no income taxes at all.
No Income Tax States:
– South Dakota
Highest Income Tax States:
Lower or Higher Property Taxes
If you are lucky enough to be purchasing a property when you get settled, you may find that the property taxes are a bit different as well. The amount of money you pay in property taxes doesn’t just depend on a state and federal basis, it can vary greatly from one location to another within a state. It is an important thing to look into as this can have a big effect on the monthly mortgage you pay.
Are Moving Expenses Tax Deductible?
In the past, those that moved within the US could deduct their moving expenses when they filed their taxes. As of now, that just isn’t the case anymore. If you are moving and are in the military, there are some exceptions that are worth looking into.
Tax Preparation, Filing, Resolution & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
While the experts at Mark Dicus & Company can’t help you load and unload a moving truck, we can answer any and all questions you may have about what your taxes are going to look like. We will help you sort out all of the details so that your taxes are prepared just right. Call us today!