What should I consider for tax planning when relocating?
When relocating, consider state income tax rates, property taxes, and potential deductions for moving expenses.
Are there specific deductions I can claim for moving expenses?
Yes, you may be able to deduct certain moving expenses if your move is job-related and meets IRS criteria.
How do state taxes differ between my current and new location?
State taxes can vary significantly; some states have no income tax, while others have higher rates. Research both states.
What documents do I need to keep for tax purposes during my move?
Keep receipts for moving expenses, any contracts, and documentation related to your job change or relocation.
Should I consult a tax professional before my move?
Yes, consulting a tax professional can help you navigate complex tax implications and maximize your deductions.
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