Chicago news, Chicago sports, Chicago business, Chicago entertainment, Chicago weather, Chicago traffic | Jeffrey B. Travis, CPA | Northbrook, IL | jeffreybtraviscpa.com | Hyperlocal Topics: Arts & Entertainment, Bulletin Board, Business, Community Corner, Health and Fitness, Home and Garden, Jobs, Kids and Family, Local Deals and Classifieds, Local Voices, Obituaries, Police and Fire, Politics and Government, Real Estate, Schools, Seasonal & Holidays, Sports, Weather
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: jeffreybtravis.com | JEFFREY B TRAVIS CPA | Jeff T...
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: jeffreybtravis.com | JEFFREY B TRAVIS CPA | Jeff T...: jeffreybtravis.com | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | 847-267-0300: INTERNATIONAL TAX AND ASSET REPORTING FOR THE EVER... : INTERNA...
CHANGING YOUR RESIDENCY
jeffreybtraviscpa.com
CHANGING YOUR RESIDENCY
Why should we care about where you live or where you want to move? The importance of residency status has tax implications depending on where you live.
1) 17 States still impose an estate or inheritance tax
2) All but 8 States impose a state level tax on all retirement income
3) New York and California have the highest Estate and State income taxes
There are two tests for Residency
1) The Domicile Test
2) The Statutory Residency Test
The Domicile Test is typically a “leave and land” test. Looking for a lifestyle change.
Examples are the following:
1) Typical Snowbird
2) Retirement
3) Upsizing and downsizing
4) Health issues move
5) Burden of proof lies in the party asserting the change
Five primary domicile factors are:
1) Home
2) Business
3) Time
4) Family
5) Near and Dear
Statutory Residency-The general concept is your home is somewhere else, but you are here enough to be taxed as a resident. Two major tests:
1) 183 days AND
2) A permanent place of abode
CHANGING YOUR RESIDENCY
Why should we care about where you live or where you want to move? The importance of residency status has tax implications depending on where you live.
1) 17 States still impose an estate or inheritance tax
2) All but 8 States impose a state level tax on all retirement income
3) New York and California have the highest Estate and State income taxes
There are two tests for Residency
1) The Domicile Test
2) The Statutory Residency Test
The Domicile Test is typically a “leave and land” test. Looking for a lifestyle change.
Examples are the following:
1) Typical Snowbird
2) Retirement
3) Upsizing and downsizing
4) Health issues move
5) Burden of proof lies in the party asserting the change
Five primary domicile factors are:
1) Home
2) Business
3) Time
4) Family
5) Near and Dear
Statutory Residency-The general concept is your home is somewhere else, but you are here enough to be taxed as a resident. Two major tests:
1) 183 days AND
2) A permanent place of abode
Northbrook, IL 60062 | CPA Firms
List of Certified Public Accountants in Northbrook, IL 60062:
Travis & Warzala, Ltd.
ECS Financial Services Inc.
CJBS, LLC
Lipschutz, Levin & Grey
Brown CPA Group, Ltd.
Travis & Warzala, Ltd.
ECS Financial Services Inc.
CJBS, LLC
Lipschutz, Levin & Grey
Brown CPA Group, Ltd.
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: FEDERAL SALES TAX LEGISLATION PROPOSALS
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: FEDERAL SALES TAX LEGISLATION PROPOSALS: A CPA always needs to be updated regarding managing compliance processes and tracking trends in the sales tax compliance environment. The f...
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: Winnetka, IL 60093 | CPA Firms : List of Certifie...
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: JEFFREY B. TRAVIS CPA
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: Buffalo Grove, IL 60089 | CPA Firms
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: Buffalo Grove, IL 60089 | CPA Firms: List of Certified Public Accountants in Buffalo Grove, IL 60089 Travis & Warzala, Ltd. Bronswick, Reicin Pollack; Albert & Goodman;...
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: CODE SECTION 1031 TAX DEFERRED EXCHANGE ISSUES
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: CODE SECTION 1031 TAX DEFERRED EXCHANGE ISSUES: Section 1031 of the Internal Revenue Code provides taxpayers the ability to transfer or exchange investment property for new property withou...
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