Minimizing federal tax is just one segment of any tax-reduction strategy. Careful planning can also help individuals reduce (and even eliminate) state income, sales or property taxes. For example, if you’re able to, you might consider moving to a state that doesn’t tax income (multiple, including Florida and Nevada) or that charges no sales tax (five, including Alaska and Delaware). No state has abolished property tax. But several (such as Illinois and Texas) extend property tax exemptions, credits or freezes to homeowners age 65 or older. Contact us to learn more about the tax benefits of moving or about other tax-minimization strategies.
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