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Multistate Residency: Planning Ahead to Minimize Taxes



Living, working, and generating business income in more than one state can lead to tax complexities. While each state may impose its own tax laws related to income and wealth transfer taxes, planning ahead can help you follow applicable regulations while also capturing any tax credits available to you. This planning update covers the basics you need to know, including common multistate tax scenarios, how to establish residency in a new state (even if you still have ties to your old state), and more guidance for taxpayers with connections to multiple states.