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Square Cow Moovers - Your Professional Moving Company

moving - Square Cow Moovers

For those of you who are planning a move to New York State, our prayers go with you kids. You will now be paying the highest income tax of all the other 49 states.

On the other hand, take a gander at the list below. Setting up your tent in any of these locales mean you’ll be living large. These places have absolutely no state income tax:

The Taxable Event

There’s a catch, though, if you’re relocating to Tennessee or New Hampshire. They have what’s called an Interest & Dividends Tax. Florida finds another way to squeeze some green from your purse. They’ve come up with and Intangibles Tax, whatever the hell that means.

Then there’s the “taxable event.” To qualify, you have to hit the mark in a trio of categories:

Good Boss

Some employers are the crème de la crème. They might slip you a reimbursement check for the move. This is not considered income. This money is excluded from any taxation. That conversely means you can’t claim relocation costs if you’re getting payback from the new boss. You can however deduct any amount over the reimbursement that you rang-up during the trek.

Some exceptions to the rule. Reimbursements such as preparation for the move, temporary lodging, meals, looking for a new house, equity losses, etc. will be taxed. Make sure you keep all receipts.

 List O’ Deductions

Check this out. Here’s what you need to have proof of:

If you’re going international, that’s an altogether new issue. Depending on the country, you’re going to have to support the government in the new land. Upside? It’s deductible from your U.S. tax.