Think Twice Before Moving to a Lower Income Tax State
In this episode, Luis talks about things to be aware of before you decide to move to a lower income tax state.
Luis is the founder of Build a Better Financial Future LLC. He came to the U.S. at age 11 from the Dominican Republic. Growing up in New York City Luis noticed the lack of financial literacy in his community and was inspired by his parents to work hard and pursue an education.
From participating as an FPA NexGen ambassador/host, and being a CFP Board Ambassador, Luis uses his platform to help spread financial literacy via media outreach as well as encourage younger and diverse planners to join and thrive in the profession.
He is the host of the “On My Way to Wealth” podcast, co-founder of the BlatinX (BLX) Internship Program and LatinXcellence – an initiative that seeks to bring awareness to and help close the wealth gap in the LatinX community. Luis was named one of InvestmentNews 40 Under 40 in 2019 and Financial Advisor Magazine’s 10 Young Advisors to Watch, as well as Investopedia Top 100 Financial Advisors in 2020.
In this episode, Luis talks about the following and more:
- Factors aside from income taxes that you should consider before you move.
- The “convenience rule” and how you may end up paying taxes on a state that you do not live in or work in.
- The “183-day rule”.
- Are moving costs tax deductible?