Matthew Rheingold responds to NJ.com query, “Sick of N.J. taxes? How to establish a new domicile”

Matthew S. Rheingold quoted. As seen in NJMoneyHelp.com/NJ.com, September 20, 2018 Q. How easy or hard is to establish residency in a different state? I believe there are 13 states that don’t tax Social Security or pensions, offering a distinct advantage for retirees. Then some don’t tax income either, like Florida. Should I get out? — Thinking of leaving A. Taxes are a huge factor for New Jersey retirees. Many choose to move to a lower-tax state so they can keep more of their money. Recent tax changes make this decision even more tempting, “In light of changes to both the deductibility of state and local taxes on a federal level, as well as the additional burden of state taxes, many individuals such as yourself choose to move to states that have less onerous – or no – state taxes,” said Matthew Rheingold, an attorney with Einhorn Harris in Denville. But, he said, simply purchasing a new home in a different state is not enough to…

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