News & Information
Claim Florida As Your Legal Residence
and Save a Bundle On TaxesPort St. Lucie
If you live in New York or another state where you pay a state income tax, a move to Florida or purchasing a second home in Florida could save you a bundle in taxes.
Although there is no state income tax in Florida in order to take advantage of this either you will have to make Florida your only residence or if you have residency in another state, you will have to prove to that state that you are living in Florida for 183 days or more out the year. It’s not necessarily easy to make the transition but it will pay off in the long run.
Here are few things you can do to prove your residency in Florida:
- Keep a log of the days spent in Florida
- File your receipts showing dates of purchases
- Register to Vote
- Get a Florida Driver’s License and Florida License Plates
- Discontinue state resident benefits you may have in your previous state (i.e. don’t try to use your previous state hunting or fishing license and get one in Florida)
- Open a local bank account
- File a Declaration of Domicile with your local county court
- Take advantage of Florida’s Homestead Tax Exemption
Once you make the plunge to become a Florida resident you will see the difference in your bottom line and begin exploring a brand new life in the sunshine state.
© 2017 Atlantic Property Group®
TIPS TO SAVE MONEY & for PEACE OF MIND
1. Always use Passwords to Lock and Protect
Your Cell Phone and Data & Use Strong Passwords for Online Accounts.
This is done by using a combination of at least 8 letters, numbers and characters whenever possible.
2. Back-up your files and photos regularly to an External Hard Drive (1TB Hard Drive or larger - Pictures eat up a lot of space). You don’t want to lose important data or your memorable digital pictures.
3. Don’t tell telemarketers you’re not interested, instead tell them to take you off their calling lists. Otherwise, they’ll just continue calling at dinner time. In most cases, once you make the request, they are required by law to remove your name from their calling lists and may be required to pay you a fee for each offense.
4. Change Oil every 7,500-15,000 miles:
Edmonds states on their website we are unnecessarily spending millions of dollars and spilling an ocean of contaminated waste oil. The majority of automakers today call for oil changes at either 7,500 or 10,000 miles (not 3,000 miles), and the interval can go as high as 15,000 miles in some cars.
5. Get your tires balanced and rotated every 3,000-7,000 miles. This will keep your warranty in order, help prevent uneven wear, give your car better control and handling on the road, provide better gas mileage and increase the longevity of the tire. (this service is usually included in the optional “Road Hazard Warranty” when you purchase your tires).
6 . Get a Living Trust to Keep Your Assets Out of Probate A will designates where your assets go upon death. But sometimes you need someone to make these decisions when you get sick. This is why you need a living revocable trust. You can appoint yourself as the trustee when you are well and a successor trustee if you become incapacitated. This makes it easier to get money to your beneficiaries without going through probate court, which can take between 6 months and two years. A living revocable trust with an incapacity clause will cover all of the bases.
7. Invest in a Retirement Account.
Contribute to a 401(k) retirement plan or a Roth IRA to the maximum every year to take advantage of tax-free growth. If you contribute only $100 a month and it appreciates at 10% a year for forty years, you’ll end up with over $632,000.
8. Consider a 15 Year Mortgage over a 30 Year Mortgage to Save thousands of dollars over the term of the loan. You can also save thousands by making just one extra payment on your loan each year. Make sure your lender knows it’s an extra payment and not just an advanced payment.
9. Begin New Habits Now for a Healthier Body & Mind: Exercise (30 minutes or more/day),
Sleep (8 hours/day), Eat Plenty of Fruits/Vegetables, Don’t Smoke, Meditate (to relieve stress), Drink Water (8-8 oz. glasses/day), Reduce Carbohydrates and Sugar from your Diet (works wonders for losing weight),
Try Something New and Challenging, Read.
Sounds simple enough - try it.
10. Use Programmable Thermostats and LED Lights. Program thermostats to 82 degrees while your away from the home or office, then set it for the desired temperature a half hour before you normally return.
LED lights use 85-90% less energy and can last for over 20 years.
11. Call Kevin Postal to Save Time and Money on Real Estate Purchases, Leases, or Property Management. (772) 785-8569
Always seek advice from qualified professionals when it comes to your Real Estate, Law, Health and Finances.
© 2017 Atlantic Property Group®
For Real Estate Assistance
call Kevin Postal, President/Broker
HIRE us with confidence.
Meeting Your Real Estate Needs is our #1 Goal!