Ep. 40 | State Residency Tax Planning: Discovering the Hidden Tax Havens
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Speaker 2:Welcome back to the Teaching Tax Flow podcast, everybody. Today's a big day. We turned 40. Not 40 years old, but 40 episodes. This is number 40, and today, we are going to jump into some state residency tax consideration.
Speaker 2:So what does that mean exactly? Take a guess at it based on that title. Me and Chris are gonna have a great conversation wrapped around this. As you'll hear in the show, he went up and left me here in Michigan all by myself. He's down in Tennessee.
Speaker 2:Lucky fella. It's always nicer down there in Tennessee. A lot more fun. Shouldn't say a lot more fun, but in certain certain areas. So without going into too many details, let's as always take a moment and thank our sponsor.
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Speaker 2:Just visit mortgage.shop or call (865) 325-2566, and tell them TTF sent you. Hey, everybody. Welcome back to teaching tax flow, the podcast. How about that for a little little introduction? I pretend like I'm a radio guy sometimes when I do these.
Speaker 2:Obviously, y'all heard a little preview about it. Today, we're gonna talk about state residency tax considerations. So in a nutshell, what state you should move to? Maybe you already live there. Maybe you live in the worst possible place.
Speaker 2:We're gonna talk about it now. As always, my partner in crime, Chris Paciro, is here with me. How are we doing, Chris?
Speaker 3:I am amazing, John. This is gonna be a fun episode because both you and I have moved from our home state to another state. You moved back to your home state.
Speaker 2:And Now you're just poke you're poking me, man. You're poking me. So it's all good. I'll I'll take the harassment. I blame it.
Speaker 3:But a lot of people with especially after the pandemic, we we've seen a ton more, mobility due to work work from home and that sort of thing. And we and the teaching tax flow community and in our private Facebook group, defeatingtaxes,defeatingtaxes.com. Make sure you hit that up. We get a almost every week, we get some type of state residency tax question. So we wanted to do a podcast episode, and then also give you some tips and, insight into some of
Speaker 2:the resources that we use. Absolutely. So one thing we really won't get into in this one, Chris, unless we we go down that path, but this is definitely for another episode is more business entity state. We'll we'll leave this solely thinking about it from a residence standpoint. So, obviously, Chris, like you alluded to, you know, during COVID, a lot of people will say move to the East Coast from living in California.
Speaker 2:And, you know, obviously, some companies had a problem with that. Some of them embraced it and then had a problem with it. All kinds of stuff. But let's I'd say probably the best place to start off with. Right?
Speaker 2:Like, if if I was no joke. We have listeners from every single state within The US, so I'm sure this really applies to everybody. What might be a good place to start at? Say you say you don't live at any state right now. We'll say, hey.
Speaker 3:Oh, you're you're in a state of confusion probably.
Speaker 2:There we go. Perfect. You were in
Speaker 3:a total state of confusion. That is a very interesting point you just made. I wanna touch on in a moment, but let's start. We're gonna focus on personal income tax, things that affect your person's not an entity. It's interesting because what happens we've had situations where someone let's say they lived in a state, they bought an RV, and then they became a nomad.
Speaker 3:What happens is is typically you're gonna go back to the state that you were you had your closest connection to, which could be a bad thing. So if you're gonna be a nomad, you might wanna re you might wanna consider establishing residency in a state for a little bit and then became become nomadic. But the first thing we need to think about is when are you subject to a state income tax? And that we know we have a ton of states with no state income tax, but when are you subject? And typically, when you live in a state, you're gonna be subject to the state income tax in your state of Dasomile or residence on all of your income.
Speaker 3:Doesn't matter where you earn it. And if you have income that's taxed sourced to a state outside of your state of residence, you'd be subject to tax in that state. That sounds like a pretty raw deal. So, John, let's say you're you're a resident of the state of Michigan. You you, we talked about the about this
Speaker 2:a little bit when you hit that million dollars in the casino. Mhmm.
Speaker 3:But let's say that you take a job for three months in the state of Indiana. Stacy's happy because you're out of the house for a few months, but in in the state of Indiana considers you an employee, that w those w two wages are taxable in Indiana. You will pay tax in Indiana on that w two wage income. You will also be subject to State of Michigan tax. Now you will not be double taxed though.
Speaker 3:The State of Michigan will give you a credit for the Indiana tax that you paid on your state of Michigan return. I'm also gonna mention that there are several states that border each other that have reciprocity agreements. So in my example, which is probably a bad example now that I think about it, you can actually just claim exempt from Indiana tax and and make Michigan quarterly estimate made a tax payments. But the point is is if you earn money in a state or you live in a state, you would be subject to some type of state tax. A misnomer is, like myself, I live in the state of Tennessee.
Speaker 3:We have no personal state income tax. Let's assume I have a rental property in the state of Michigan that has net income. First of all, slap me because I probably should've done a cost segregation study and, I should've listened to my teaching tax flow courses, but let's assume I do. I would be subject to state of Michigan income tax even though I reside in a state with no personal income tax. I would be required to file a Michigan nonresident income tax return and pony up the measly funds that I owe due to the state that state.
Speaker 3:Now So my fourth what you're saying there, though, is that you almost you end up paying as a sum. You end up paying the highest amount between the two.
Speaker 2:So if you live it if live in a state with a lower tax, but your income is earned where there's a lower tax, you're basically paying the highest of the two in a sense. Totally not getting into where there's city tax.
Speaker 3:That that's Right. We're not talking about city tax. The thing you to consider is you're not gonna get double taxed on the income. Ultimately, you're gonna pay tax on your state of residence rate.
Speaker 2:Gotcha. Okay. Pretty good. Perfect.
Speaker 3:It does get a little complicated when you start investing for our for our more for our more seasoned investors. Let's say you in let's say invested in a a REIT, and that REIT to real estate investment trust had properties in several states. And at the end of the year, I get a form k one, and I have a little bit of income in in in all those states. But
Speaker 2:And that's a great example too talking about that because, you know, we talk about certain levels of confusion. That's actually something that I've heard you guys talk about during urgent care. So if if anybody's not familiar with urgent care at all, it's basically, in a sense, one on one or, you know, consulting, if you will, for more complicated tax situations. So that comes up a lot. Is that really I mean, do you guys see that in your twenty plus years of doing this?
Speaker 2:That's always kinda been an issue. Right? It's people just being kind of confused if, you know, as you spread your wings and, like, you'd mentioned, you're investing outside of your state of residency, you kinda get into, like, would you call it gray area or just confusion?
Speaker 3:It's really more just tax compliance because if you in general, you've got to weigh the cost. I mean, if you have a k one and you have a hundred dollars worth of income allocated to the state of Arkansas, you probably are under the threshold for filing in Arkansas. It's not gonna give you any benefit. You don't have any tax withholding, so you might not file for that hundred dollars.
Speaker 2:That being said, what you need
Speaker 3:to look out for in those situations, John, is when you have state tax withholding in those other states. Some states, actually, if you sell a property and you're a nonresident California, probably the biggest culprit, withholds income tax from the sale, and you have to go back, file a California nonresident tax return, and claim some of that that withholding back. K.
Speaker 2:There's a and kinda look at I mean, I would think of 20, wow, I feel old, twenty years ago. I was actually gonna take a summer job working on a long lining on a salmon boat in Alaska, and I remember the guy was talking to him on the phone and saying, we don't pay any tax. You work in Alaska, you don't pay any tax. So, technically, that's not true then because I was living in Michigan at the time. So I wouldn't pay state income tax to Alaska.
Speaker 2:I would basically pay it when I return home. Because I remember him very vividly telling you that, and I mean, it's probably just his way of pitching to a kid at the time. But is that true?
Speaker 3:Yes and no. Like, that's why you have to jump at a teaching tax flow, John. But he answer. The answer is he is correct in so fact that you don't pay any state tax to Alaska. What he doesn't understand is you still owe state of Michigan tax on that income.
Speaker 3:That's where it gets sticky. Unless you established yourself as an Alaskan resident, which is a great segue to how do you establish a docile model in another state. We have a lot of people moving from these higher income tax states, especially retirees, not always retirees, but, to a no income tax state because they are concerned about how is their pension gonna get taxed, how is their I how are their IRA distributions, investments. And sometimes they actually are what we call from if you're from Michigan, you've heard the term a snowbird. A snowbird is someone that leaves the Northern States during the winter months and goes south and basically has two residences.
Speaker 3:The question is let's say you do have two residences, which one is your home residence? And if your home residence, let's say, is state of Florida and you are living half the year in the state of Illinois, it would behoove you, and we have a client with this fact pattern, to be a state of Florida resident, not a state of Illinois resident. So there are certain ways to establish if you are a state resident. The state of Florida really doesn't care, because there's no state income tax. But the state of Illinois, if you were audited, would be very interested in determining if you're a legitimate Florida resident.
Speaker 2:And if when you change residency I don't actually know the the answer to this one. When you change residency, is is there as dumb as it is to call it, like, a, like, a waiting period? Like, say you say you move out of state for college. Right? They usually say, hey.
Speaker 2:You have to live here for a year before you qualify for in state residency some places. So is it immediate? Like, hey. I can go to the secretary of state of the treasurer's office and say, hey. Here's a utility bill.
Speaker 2:Here's my other documentation proving it, and they spit out new driver's license, and all of a sudden, you're a resident. Or how does that process work from a tax stamp?
Speaker 3:Right. So let's use example. You're leaving Illinois, and you're moving to Florida. Right? What you would do is when you sell your house in Illinois, you write a dear John letter and send it to the state of Illinois and piece them out with with a certain finger when you hit the state line and say I'm not paying tax anymore.
Speaker 3:No. I'm just kidding.
Speaker 2:And it's not the thumbs up.
Speaker 3:How do you establish the Osmile? There's really no formal way to do it. When we have a client that changes states, what we would do is we would file a a part year state residency tax return for the state you're leaving. Typically, you're going to file a return, and it's going you're going to self, it's not like anyone knows you left. Right?
Speaker 3:That it's it's going to be something that they're that you're self policing, if you will. Obviously, you could be examined, but you're going to just say, I lived here from, you know, January 1 to June 20 this year, and my income was for the first half of the year approximately is taxable in the state of Illinois. The second half is not. So how do you establish that? First thing
Speaker 2:is you've gotta spend more time in the state
Speaker 3:that you're going to over over a three hundred sixty five day period than the state you left. It's called the hundred and eighty three day rule. Some people plan about around that. And and it's interesting because I think about a snowbird that spends six months and two days in Florida and six five months or whatever days in Michigan, And in the middle of their stay in Florida in the October, they get evacuated by hurricane. Now they're not in Florida anymore.
Speaker 3:There are rules and such and and depending on where they flee to and and typically, you're you know, we don't wanna get in the weeds too much, but those those are just crazy little scenarios that can happen. In general, you're not gonna lose your residency there. But the things that you could do to establish the Osmile is gonna be employment location. Again, we have a lot of virtual employee employees, but changing your mailing address, the big one, changing your driver's license and your vehicle registration to your new state, updating your voter registration card, those are huge. Back in the day, it used to be all established at bank account.
Speaker 3:But now, I mean, many of these banks are are in several states. But that voter registration and the driver's license is really important. Any type of you don't one misconception though is that you have to buy a property to be a resident of a state. You can rent. There's nothing wrong with renting and being a you could rent a own a home in Michigan, rent a condo in Florida, and be a Florida resident because you're there longer.
Speaker 2:But Can I and not getting into the weeds? Right? Like, say, I actually have a handful of friends that are, you know, pipefitters. Make excellent money doing this, and they're on six, seven, eight month contracts, and they they have a motor home. Right?
Speaker 2:So, technically, that motor home is in permanent real estate. They're not renting. They're not doing this. So, basically, it comes down to if they wanna elect for domicile in that state, like you had mentioned, kinda knocking through a couple of those checkpoints, but they the
Speaker 3:They'd move around. Yeah. But they would have to establish an an address there. They'd have to change their voter registration. They'd have to change their driver's license, reregister their vehicles, enroll their children in school there.
Speaker 3:Those are a lot of the lot of things to consider.
Speaker 2:And at some point, it becomes the juice is not worth the squeeze.
Speaker 3:Right? Exactly. You have to that's how you you have to establish a residency in the new state to not be a resident in the old state. Right.
Speaker 2:Makes sense. Yep. At least people
Speaker 3:with families, it's a lot harder unless your family's moving with you and the kids are gonna go to school. Obviously, we have people at home school. There are a lot of fact patterns. And also remember that the states, especially these high tax states we're gonna talk about in a few minutes, they are putting resources together to audit people. And it's really easy for a state to if if they think you're a resident to subpoena your credit card records and figure out how many trips to the grocery store you did in the state of New York versus state of Florida.
Speaker 3:The state of New York is very aggressive in the state of Florida in finding residents that are allegedly now Florida residents because the state of New York has a significant income tax. But those are really the considerations when you're thinking about how do you establish that you actually live in a state.
Speaker 2:And is there any, is there any reasoning why a lot of the states with lower state tax or income tax are in the South? Is it to entice people to the warmer weather? So and not all of them are down there, but there's a higher concentration of them. Right?
Speaker 3:Well, that's a so you have nailed another point. I mean, now that we've talked about when you'd be taxed in the state, how you establish Dawson Mile in your state, let's talk about the different types of taxes. In essence, the states in the Southeast or the Sun Belt are operating in a lot healthier financial condition than some of the other states. It doesn't just because they have no state personal income tax doesn't mean that they're not generating a lot of revenue through other taxes. So the things you wanna consider on the personal side is gonna be your income tax, sales tax, property taxes, personal property taxes.
Speaker 3:That's like the the vehicle registration fees, then also transfer taxes when you sell a property. In general, the states that are doing very well, and we're gonna time to talk about that in a in a couple of minutes, have a higher sales tax a or and or occupancy tax, tourist tax, whatever you wanna call it, to pay for the people that live there. I live in the great state of Tennessee, and we have no personal income tax. We have a 7% state sales tax, which is a little higher than normal. And then each county has a county sales tax they tack on.
Speaker 3:Ours is 2 and a quarter. So that's that's hefty. You don't pay sales tax on everything. Yet, we have a significant though that's a higher sales tax, we have a significant occupancy tax. So when you think about Tennessee going from west to east, you still have a decent amount of, of tourism in Memphis.
Speaker 3:You know, you've got, some conferences there. You have some festivals. You've got, Elvis's old house, which I I can't remember right now. And when we listen to this, I'm gonna slap myself. Graceland.
Speaker 3:Graceland. You know Nashville, I mean, you've been here several times. Many of the listeners have. It's just booming, and it's been my way for almost a decade. Other than Vegas and Orlando, probably the third largest convention center crowd.
Speaker 3:Every week, there's conventions. There's there's always stuff going on here. There's a good time about sales tax.
Speaker 2:And it's almost when you think about moving, it's it's you almost gotta be really good and really crafty with a spreadsheet. Right? So even when I was in South Carolina, now looking back, I'm like, you know, even when you went and bought bought a new vehicle, I forgot what the number was, but, you know, your your purchase tax was capped. So it's like a couple hundred bucks. Right?
Speaker 2:Where in Michigan, it's not pay Right. Just sales tax on that. But every year for my registration, it was $6,700. Where I'm telling my friends back in Michigan, they're like, what? Are you out of your mind?
Speaker 2:Like, it's a hundred and 5 or whatever I paid here instead of $780 or whatever it was. But then you're right. Like, there's I remember, like, I was in Charleston County, so we had our state tax, which I think was I could be wrong, 6% at the time. Then there was a 2% county tax, but then the hospitality and tourism tax at certain areas around there was 14 and a half percent. So you'd go to a restaurant or a bar and you look at your bill and you're like, holy crap.
Speaker 2:Be like, they're getting me here. But then there's, you know, a lot of the guys too that would, you know, lucky enough to have multimillion dollar yachts that are getting huge, huge tax bills. So it's you're right. There's a lot there's a lot of things into play. I mean, real estate property tax is much, much lower, but they they get the money regardless.
Speaker 3:Well, the state like, the state of South Carolina does give you a credit on your return if you keep track of how many gallons of gas you utilize, which is a pain in the butt. Now you can use an app. Right. We talk about tax agencies are your involuntary business partner, and we refer to the IRS a ton, but but the state state and local taxation is another issue. And then, like, you know, to finish up with Tennessee, the most Johnny T.
Speaker 3:I don't I don't know if I told you this, but most visited national park in The United States. Most visited national park in The United States is Smoky Mountain National Park. So you have a ton of people in Gatlinburg, Pigeon Forge, Sevierville. It's huge. So allow the all those tax dollars are getting you know, sales tax dollars are getting poured into the state of Tennessee.
Speaker 2:And you mentioned too, like, a lot of them are operating at a at a much much healthier financial status. Right? So a lot of that, it's just not the tax that they get from that. It's, you know, it goes into the economy. So there's a there's a lot going on with that, which, again, I'm sure kind of offsets taxation decisions.
Speaker 2:Right?
Speaker 3:Yeah. Absolutely. It's so it's pretty it's pretty telling on, you know, what what states are gonna do what and and we use so now that we got we talked about different types of taxes you need to consider, the other things non tax would be car insurance. Your your vehicle insurance in Michigan is probably a lot more than in the middle of Florida, in Orlando. There's no snow in Orlando.
Speaker 3:There's you know, it just it just depends. I but your property taxes might be higher in one place than the other. So one of the resources that we use, we're gonna link this up, and we do a lot in that defeating taxes Facebook group. We we post things all the time that we find are interesting or sometimes just funny. Is the website taxfoundation.org.
Speaker 3:It's a nonprofit bipartisan organization that breaks down tax code and and tax law. And they have a whole section on state tax. But they went through and they ranked different states based on their individual income tax, sales tax, and property tax. And they have nice graphs. So, you know, we we if we look at we kinda always poke fun at California.
Speaker 3:Right? But so California is ranked so you do want a low rating. You wanna be number one, number two, but California is ranked number one I'm sorry. Number 49 in individual income tax. New York's ranks fiftieth.
Speaker 3:So 49 Which is which
Speaker 2:is the no zone. That's what you wanna be doing.
Speaker 3:No zone. In state sales tax, California's forty seventh, New York's forty third. So they're not they have the worst in in income tax and pretty much the worst in sales tax. And in property tax, California is nineteenth, so not too bad. New York's forty ninth.
Speaker 3:We need to get some guests
Speaker 2:on this show and and call it, like, battle of the borders or something and have have a couple guests on from different states and let them battle it out and justify why their state's better.
Speaker 3:Well, well and you've got to think too. When you institute a sales tax or consumption tax, we talked about this many times, you are also getting filling that tax gap. So let me give you an example, John. You hire a painter. We're gonna call him Luigi because Mario gets all the love.
Speaker 3:Luigi comes over your house, and he says, hey. I could do your job for $2, or I could do your job for $1,500 cash. You probably paying $1,500 cash. Luigi goes out, paints the paints the, house or the room, whatever, and he's done. He probably doesn't report that on this extra, though the teaching tax flow team really encouraged you to.
Speaker 3:What happens if you have a state income tax? You they get state gets nothing. What happens if the state has a state sales tax? Luigi's paying for the paint supplies, the gas. So that's where that consumption tax the states with those seems to me have a higher sales tax are doing better than the states with the higher income tax.
Speaker 3:Or you could be crappy at both. Right.
Speaker 2:Yeah. Which then it's just bad leadership. Oh, that and that makes that's a great example too because some people think like, oh, somebody didn't report this on their tax that, you know, the state is completely getting zero, which I mean, it's unfortunate because they're getting shortchanged. Oh. Weird one projection.
Speaker 2:I see. But it's like, you know, we're good.
Speaker 3:Let's talk about I'll get give me another estate, for instance, that that ranks high, like Florida. Florida's tied for number one best in income tax. It doesn't have an income tax. In sales tax, twenty first, so a little better than average. Property tax, twelfth.
Speaker 3:So really, really solid.
Speaker 2:But, yeah, it was and then there's there's some funny ones in there too. I if I remember right, we were looking, you you know, really at some of the graphs that they had on that taxfoundation.org. And what was what was the probably the the funniest one that we came across?
Speaker 3:Right. So we talked about different types of tax considerations. We even talked about car vehicle insurance. We we looked at state sales tax per pack of cigarettes.
Speaker 2:That's right. That's what
Speaker 3:it was. Okay. State tax per and the tax foundation the lowest that we found was Georgia. Actually, I'm sorry. Missouri, seventeen cents per pack is a sales tax.
Speaker 3:That's 17¢ 17¢ per pack. The highest we found was the state of New York, of course. So I
Speaker 2:yo, California is getting jealous we keep bagging
Speaker 3:on New York. Four dollars and thirty five cents per pack. Now, you might wanna chuckle at that, but if you pack if you smoke a pack a day, that's an extra $1,500 ish a year that you're you're paying.
Speaker 2:And that's a is is that a I don't remember either to or if it was or wasn't even noted on there specifically, but is so that's a monetary set tax. It's not a percentage. Right?
Speaker 3:It's per pack. Okay. Missouri seventeen cents is with the lowest that we found in New York. You pay $4.35. And that's just a flat.
Speaker 3:That doesn't that's not the cost of the actual pack, obviously. That's just the state tax. Right.
Speaker 2:And then it was it was something crazy on there too if I remember, you know, not to poke fun at it too much, but there was a very high smuggling rate based on
Speaker 3:So it's so the smuggle rate in New York, I according to the tax foundation, is 53 and a half percent. So over half the packs of cigarettes in New York are smuggled in. Oh, man. It's a You
Speaker 2:could maybe imagine that? Having, like, a whole, like, a SWAT team based around tobacco smugglers at state borders. That's, it's funny, but not funny.
Speaker 3:Well, I don't anyone that watches Seinfeld remembers the episode when, Kramer rented, like, a U Haul and did the math or something or stole a postal truck, returned the cans to Michigan at ten cents a can from the state of New York.
Speaker 2:You know, of course, it went poorly. Of course. Yeah. It it wouldn't be good TV if it went well.
Speaker 3:But those are just some of the fun things, like but but, again, really it it's interesting. Really fun to just take a take a look at. And and yeah. I mean, that that's, those are
Speaker 2:those are things to consider. So so, basically, the gist of this episode is really just I mean, obviously, we we have fun kinda diving into the details, but really kinda getting across that, you know, you have a lot of options. Literally, you have 50 options when it come if if you have the freedom. I mean, obviously, there's a lot more that goes into it than just selecting a a place to live in based off, you know, tax rates and and taxation across the board. But it is something to consider, especially if you're a high income earner.
Speaker 2:Right? Like, that plays a very, very, very large part in that selection.
Speaker 3:Absolutely. I mean, you're looking at the high high income earners. You know? Well, we gotta throw it. California, the highest in state income tax is 13.3%.
Speaker 3:That's over that is a a a significant amount of money, for state tax. So, yes. Obviously, we say don't let the tax tail wag the dog. Put a bow on this. There are several different scenarios where you would be even subject to state any type of state income tax.
Speaker 3:We gave you a list of the considerations, when establishing new new docile miles. So, hey. I don't like my situation. I'm looking to relocate. How do I establish residency in a second another state?
Speaker 3:Or some people legitimately have two residences. Maybe they want to establish residence in one more or the other. This those considerations were were, put out there. And all the different types of tax, not just income, sales, property, personal property, transfer tax. So you're at tax if that's a factor.
Speaker 3:Mhmm. Mhmm.
Speaker 2:And then, well, based on that, now you got me a little sour, but I think we went into a lot of stuff. So maybe I'm just gonna click off on you when you go enjoy your tax free. You know, your no state income tax. But is there is there anything else we wanna add? Or I know we kinda went to a lot of lot of good detail.
Speaker 2:We'll obviously post some of the links in the show notes and send you guys directly to there. Maybe we'll post the one in there too just for the tobacco taxes because it's kinda it's kind of interesting to see how it rolls. But Well,
Speaker 3:before we put this episode up in smoke, here's what we're gonna do. There you go. I love it. One serious note. Before changing state, especially for people that are retirees, look at the state to make sure that it conforms with federal estate tax rules.
Speaker 3:Right? Because we know that the federal estate tax exemption is very high. Not every state conforms to the federal estate tax exemption. So that's my last piece of advice. We're gonna start jumping into some more.
Speaker 3:We had our living trust episode already. We're gonna start diving into some other estate planning topics, and then that's a wrap.
Speaker 2:Alrighty. Well, thank you everybody as always for joining us on this. Chris, thanks for letting us dive into your your brain out onto this. I know we kinda casually talk about this, you know, over dinner, drinks randomly, and and travels, but it's really interesting if you guys do have some time. Get out of that website again.
Speaker 2:We'll put the link in there, for the tax foundation. And just kinda mosey around in there. Even if you have no plans of changing residency, just get in there. Spend a little time, then kinda clicking through, of course, after you listen to some of our other podcasts, you know, listen to those first. Enjoy all of those.
Speaker 2:I know we're getting up there in the numbers. So check all those out. Check out the Tax Foundation. Post any questions you guys have in the teaching tax flow community there on Facebook, around our page as well as the Defini Taxes group. But, again, we will see everybody next week.
Speaker 2:Thank you as always. Hey, everyone. John Topolsky still here from the Teaching Tax Flow team. Hopefully, you enjoyed this episode as always. Me and Chris, a little banter back and forth as always keeps the keeps the soul in good spirit, as some may say.
Speaker 2:But since you're still here, think about that, what we talked about. Right? If you've considered moving to a different state, you know, maybe it's for the weather, maybe it's for family, maybe it's for business, there's actually a lot of benefit to planning ahead for that move. So before you call up U Haul or call up that moving company, start packing those bags, searching on Realtor or Zillow looking for that house or a condo, that apartment, take a moment and kinda look up some of those details. I know we we dropped a lot of, a lot of knowledge, we should say, or fun little facts regarding certain states and certain taxes that are associated with luxuries in life, as we can call it that.
Speaker 2:But definitely go back, take a peek at those links. We'll drop them in the show notes here as mentioned. Just have a little fun with it. Take a peek at it. If you do know somebody maybe across the country or just maybe one state away, give them a hard time if you look on there and and call them out.
Speaker 2:Say, do you know that you're paying this much more than we are just living over here? Have a little fun with it. So until next time, everybody. Thank you again for joining us. Thank you for these great topics that give me and Chris and the team here at Teaching Tax Flow and our fantastic guests kind of the steam to trek forward, have these great conversations and dive into these fantastic topics.
Speaker 2:So we thank you from the bottom of our little tax heart and we will see y'all next
Speaker 4:week. The content of this podcast does not constitute an offer of securities. Offerings can only be made through an offering memorandum, and you should carefully examine the risk factors and other information contained in the memorandum. The content provided is for educational purposes only. We encourage you to seek personalized investment advice from your financial professional.
Speaker 4:For all tax and legal advice, please consult your CPA or attorney. Investment advisory services are offered through Cabin Advisors, a registered investment adviser. Securities are offered through Cabin Securities, a registered
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