Venice, FL, United States – Warm weather, blue waves, Cuban food, and Disney World—does anyone need more than that to travel to Florida? If Harry Potter’s Wizard World and Manatees don’t do it, maybe the tax advantages on wages and the numerous credits will do it. With no income taxes or inheritance/state levy, Florida is now a favored destination for more than 330,000 individuals annually. With the emergence of new and affluent people commuting to the state and the influx of venture funds and private equity companies in recent years, Florida is on the road to becoming a financial and investment center. Relocating to Florida can increase the average income of a US citizen up to 13% due to no personal income tax in the state.
Florida has historically been seen as a spot to travel after retirement, more individuals and companies are moving in their high-income years to benefit from significant state income tax incentives. A large-cap stimulated the first inflow of non-retirement-age individuals and company owners on exemptions, federal income tax purposes, state and local income taxes (and property taxes) as enacted by the Tax Cuts and Jobs Act of 2017. More significantly, several people have gained a new outlook on the versatility of the future job climate.
Notably, the latest COVID-19 pandemic has forced people to flee high-risk metropolitan environments where social distances can be daunting and social instability is worrying. With a modern “work from home” mindset, plenty have opted in moving to Florida. One of the most significant advantages of going to Florida is no income tax in terms of taxation. The law is stated in the state constitution, making it very difficult to amend, and even better, the constitution forbids towns and counties from imposing personal income taxes. It is more rightly said that homeowners come to Florida for weather and stay for Tax relief.
Relocating to Florida can save several tax dollars. It has no state income tax, no investment tax, no intangible tax, no estate tax, and no property tax on business inventories. And perhaps the most favorable and progressive homestead policies and laws anywhere in the U.S. For example, if someone owns a multimillion-dollar home in Florida, and this property would be practically untouchable by creditors. However, without adequate preparation and planning moving or relocating to Florida can be risky.
For a smooth and effortless relocation process, Phil and his professional team of Berkshire Hathaway Home Services Florida Realty have a firm grasp of Florida’s property market’s pros and cons and manage every step of the relocation phase from start to finish. Phil’s key aim for every customer is to demonstrate leadership and ensure that his customers have an outstanding, hassle-free experience when they want to buy or sell their homes in Florida. He and his team is a source of expertise and guidance for investment in the realty industry. Call Phil at 941-888-5448.
Company Name: Berkshire Hathaway Home Services Florida Realty
Contact Person: Phil Holloway
Email: Send Email
Address:1500 E. Venice ave.
State: FL, 34292
Country: United States