NAPLES, Fla., Jan. 13, 2021 /PRNewswire-PRWeb/ -- As taxpayers look to relocate to lower tax states like Florida and Texas, one company is offering a roadmap for success. Florida based ChangeMyDomicile.com announced today the official launch of their State Specific Step-by-Step Domicile Plans.
There are 7 states that do not impose state income taxes including: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. While many people are looking to change their domicile and reduce high taxes, it is crucial to first have a plan and a timeline that is specific to their current state of domicile.
Every state has their own test for domicile. It's not just about being in the new state for 6 months and a day as many people assume. It's about taking the right steps at the right time based on the requirements of their current state of domicile.
The State Specific Step-by-Step Domicile Plans provide state law analysis and a detailed timeline of the key steps taxpayers should complete to successfully change their domicile.
Brad Galbraith, Attorney, CPA and Author of the State Specific Domicile plans said, "We know that people are looking for additional ways to reduce high taxes by successfully changing their domicile from their current high tax state. The State Specific Step-by-Step Domicile Plans were created to provide clarity and help take the stress out of changing domicile."
Changing domicile to Florida, Texas or one of the other income tax free and estate tax free states can drastically reduce unwanted high taxes, but only if proper consideration is taken to understand the requirements of the taxpayer's current state of domicile.
"What most people don't realize is that every state has their own test for domicile and failing to pass the test comes at a high price. Your current high tax state doesn't want to lose you or the taxes you are paying. It's not Florida or Texas or one of the other tax friendly states that are likely to audit you. It's your current state. Ignoring your current state's laws regarding domicile could lead to unnecessary stress, audits and income tax and estate tax claims by your current state even after you have attempted to change your domicile," said Brad Galbraith, Esq., CPA and author of the State Specific Step-by-Step Domicile Plans.
More information on what to consider before changing domicile as well as the State Specific Step-by-Step Domicile Plans for most high tax states can be found at ChangeMyDomicile.com.
ChangeMyDomicile.com was created to help taxpayers take the right steps at the right time when changing their domicile. Leading Domicile Expert, Brad A. Galbraith, Esq., CPA created the State Specific Step-by-Step Plans for changing domicile. Brad is the author of the Florida Domicile Handbook and 6 other books on tax planning. The State Specific Domicile Plans were created to provide clarity and help take the stress out of changing domicile. For more information visit ChangeMyDomicile.com.
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