With holiday season moving upon us, many people are changing their locations as the weather starts to cool down and kids will soon have a break from the demands of school. Many people will find that their long distance moves put them in a different state. When you move to a different state, you need to look into what that will look like for your taxes. Excalibur Moving & Storage is here to talk about how your taxes may be effected by your long distance move.
Can You Write Off a Move on Your Taxes?
In the past, when you experience a large move, you would be able to look forward to some deductions as well. Many people got to deduct their moving expenses when they moved as long as their move was within the US. Now, aside from certain military moves, that is no longer the case and those that move end up just footing the bill for it.
How Do Taxes Work when You Move to a New State?
If you have found yourself moving out of state, chances are, you will have some changes to your income taxes as well. If you have moved from a state that doesn’t require its residents pay income taxes to a state that does, you will notice a big change. If by chance, you move to a state that is similar to the previous location you were working in, you may not hardly notice it at all. It is important to note that not only will some states charge income taxes and others won’t, but some states use a progressive income tax that is similar to federal taxes. This means that the more you make, the more taxes you will pay in that state.
Which States have the Highest & Lowest Income Tax Rates?
There are some states that charge an exceptional amount of income taxes from its residents. If you want an in-depth look at what the income taxes look like for your state, the IRS web page can give you the answers to those questions. Following are a few of the highest income tax states as well as the ones that charge no income taxes at all.
Highest
– New York
– Connecticut
– Hawaii
– Vermont
– California
– New Jersey
– Illinois
– Virginia
– Delaware
– Maine.
No Income Tax
– Alaska
– Florida
– Nevada
– New Hampshire
– South Dakota
– Tennessee
– Texas
– Washington
– Wyoming
Changes in Property Taxes
Another consideration that you should make about your taxes is property tax. This can vary greatly from state to state. If you are purchasing or selling a property for this move, it is definitely something that you should consider and have a clear understanding of.
Local & Long Distance, Residential & Commercial Moving in Los Angeles County, CA & Beyond
While Excalibur Moving & Storage can’t do your taxes for you, we can definitely handle your entire move. Our team of highly trained and qualified movers will have your belongings loaded and unloaded from your old home to your new so that you can focus on other pressing issues like your taxes. Call us today!