Tax planning in Florida: 2 tax benefits of retirement living in the Sunshine State
If you’re a retiree or someone who plans to retire, it can be helpful to consider tax planning options with a financial advisor. There are several states in the U.S. where you aren’t responsible for taxes on certain things that you may otherwise be required to pay for in different states. Knowing which states are more tax friendly and how you can save on taxes is an advantageous approach to retirement planning.
What are some of the various tax benefits that living in Florida offers for retirees?
- No state income taxes — In Florida, retirees are not required to pay state income taxes. This is the percentage of money that the government collects based on your amount of income. Instead of relying on state income for tax revenue, the majority of Florida’s revenue comes from sales tax.
- No inheritance or estate taxes — This tax is paid by a person who has inherited money or an estate from a person who has recently passed away. In Florida, beneficiaries are not taxed at the state level on the money or properties they inherit, which can be beneficial for retirees hoping to pass on assets in the state.
How can working with a retirement planning professional help Florida retirees take advantage of these benefits?
Working with a retirement planning professional can help Florida retirees ensure that they do not miss or skip over essential components of their finances that may affect their income during retirement.
Talk to a ProVise CFP® professional about tax planning in Florida
At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance, and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.
Are you ready to talk to a professional about tax planning in Florida? Contact ProVise today to schedule a complimentary consultation.