According to a new report, a record 2,999 U.S. citizens renounced their U.S. citizenship in 2013. That number was more than three times the number in 2012. Many on the list are well-known, high net worth individuals such as Tina Turner and Facebook billionaire Eduardo Saverin. Among the reasons given were taxes and the high costs of tax compliance.
Even if you are not a hollywood A-lister or internet billionaire, you may still be considering steps to minimize your taxes. For many people, that means moving for part of the year, or even permanently, to a state like Florida or Texas. However, you need to be aware that Minnesota has strict criteria that must be met in order to minimize taxes that would be due here. For example, many people are surprised to learn that moving full-time to Florida while maintaining a business or lake home here may still result in income and estate taxes being payable here.
If you are a Minnesota resident seeking to move to a state like Florida to avoid taxes, there are strict criteria that must be met. Fail to meet the criteria, and you may still have to pay taxes here.
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