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Most accountants recommend a dairy of where you spend the night. If you work in NYC (State tax is ~10%), and have a home in FL (no state income tax), it would save a lot of money to be a resident of FA (including voting there).
I couldn’t stop thinking about why an accountant would recommend a dairy where you spend the night... maybe an ag tax thing?
We have a house in Florida along with rental property under an LLC and a separate C corp for my wife’s business. Our accountant said “yeah, you can keep a log but at the end of the day your credit card transactions are going to give you up.” California still requires you to pay tax for the days you are in-state so to say things get complicated is an understatement.
I couldn’t stop thinking about why an accountant would recommend a dairy where you spend the night... maybe an ag tax thing?
We have a house in Florida along with rental property under an LLC and a separate C corp for my wife’s business. Our accountant said “yeah, you can keep a log but at the end of the day your credit card transactions are going to give you up.” California still requires you to pay tax for the days you are in-state so to say things get complicated is an understatement.
The credit card receipts would match the dairy. Both should match the voting place.
A LLC and a C corp would have nothing to do with where you live? The LLC or C corp could be in Montana but wouldn't you need to have regular credit card receipts (and maybe phone pings?) in Montana?
So, you live in FL with no income tax? Yes, it is complicated.
The credit card receipts would match the dairy. Both should match the voting place.
A LLC and a C corp would have nothing to do with where you live? The LLC or C corp could be in Montana but wouldn't you need to have regular credit card receipts (and maybe phone pings?) in Montana?
So, you live in FL with no income tax? Yes, it is complicated.
you are correct, you can put those entities anywhere. My point was simply that I have legal structures in FL but live in CA... looked into relocating my tax domicile but my accountant said it is, as you say, complicated. I have bought cars in FL and had them shipped to me in CA, I’ve been tempted to leave the FL tags on them to avoid tax and licensing/registration (FL is a no-inspection state). All I need is a mailing address in FL, which I have. But at the end of the day you are really rolling the dice because CA law says you need to register out-of-state vehicles, paying applicable taxes and fees, within (I believe) 10 days. If it were Oregon, Nevada or Arizona plates, I could probably talk my way out of ticket were I to get pulled over... but I would imagine that convo would be a lot harder with FL plates.
Montana is a beautiful state and I think people from the town of Woodside (CA) now own enough property in Whitefish to officially annex it. I love the Bitterroot Valley. All of the stonework on the exterior of our house, over 4,000 square feet of stone, is quaried from the Chief Cliff formation on the Flathead.
Nice. And Montana has a much lower risk of earthquakes and the subsequent food riots/zombie apocalypse.
I just bought a DD and paid a 5k tax in CT. Not fun but I knew and prepared for what I was getting into. We can't expect to benefit from this great country but not pay our dues in the process.
SC has $500 sales tax, yearly declining car property tax, no inspection, lowest (or 2nd) gas taxes, low home property tax and roads about as bad as anybody's. We tax the hell out of beach and golf tourists because somebody has to pay taxes.
You can only have one primary residence, regardless of how much time you spend at your secondary residence, according to my CPaa.
In VA, if your car is registered there, your county can come after you. Mine did, and they charged me $ 750.00 for my wife’s 530i, because it was registered in VA on 01-Jan. The lease expired on 10-Jan and I returned the car to the dealer. No rebate from the County, because I ‘enjoy’ low property taxes.
World’s most expensive ‘use’ tax ( almost $90 daily) for a vehicle ever ?
That is NOT correct. You can be legally a resident of two states. It depends on the residency statutes for the states in question. My firm prepares many tax returns where clients are residents of two states. For example, spend more than half the year in your NJ residence and own a home in NY, where you are employed and you are legal residences of both NJ and NY.
The law is the law. Its not a moral dilemma, it's a legal one. You can choose to break the law and be a tax evader - or not.
The morality of it comes into play when you choose to cheat and then complain teachers are getting paid enough, or you think another lane should be added to a busy road near you <g>
In Virginia, where I live, we have both the sales tax of 4 % on a vehicle when you buy it (and no credit for trade-ins) PLUS an annual luxury tax known as Personal Property which (varies slightly by county) is 4.7 % of the vehicles trade-in value based on the NADA book of January each year. Its that Personal Property tax that's the killer and people try to cheat it constantly. They often will run Maryland tags if they live in Northern Virginia since they blend in much better than Montana tags, which stick out like a sore thumb in the Washington DC region.
Virginia doesn't really care what state its registered in, but if its garaged in Virginia, then it has to be registered and that 4.7% tax paid. If someone chooses to cheat - then the county has a website to turn them in. This is the one in the county I live in: https://www.fairfaxcounty.gov/dta_ta...AddRecord.aspx
Once your neighbor turns you in (and they will) then they send a notice in the mail to the tax evader and they bill for the amount all the way back to date of purchase, including penalties and interest. On a 3-year old Porsche you can have a $ 20,000 back bill pretty easily. The Evader can come up with all sorts of excuses, but at the end of the day they must provide their proof of insurance over the term of ownership to have a valid argument, as that shows where the owner told them the vehicle has been garaged. So if you're going to make an attempt at tax evasion be sure to also lie to your insurance company about where it's garaged. That's a lot of lying to do.....
I hate this tax, more than any other tax - but I comply and pay it because its the law. And I will turn in my neighbors who evade it because your kids are going to the same schools as mine - and we all have to pay for it.
So you are from the people who would turn people in ! What a great community we live in!
06-24-2018, 02:50 PM
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