Mail Forward/Address in Michigan
We are planing on selling our home and then living on the road for a time, but we may end up back in Michigan for a base. So keeping our Michigan residents status is important for state income tax bre...
Forum Discussion
flyfishing48 wrote:DownTheAvenue wrote:flyfishing48 wrote:
So keeping our Michigan residents status is important for state income tax breaks.
Why don't you move your residence to a state with NO income tax? When quit full timing, you can "move" back to Michigan. Florida, South Dakota and Texas are very popular with full timers. When I full timed, I "moved" from Georgia to South Dakota and saved a ton in income tax for many years.
When MI changed their income tax laws we were grandfathered in to a discount. If we move out of the state and move back we would lose the discount. So while a no tax state would be great, it might only be short term.
I understand, and thanks for the explanation. Now the question becomes solely based on math. How much is that discount? How much would you save using that discount over so many years verses how you will save by paying NO tax?
Two questions as part of the equation that have to be considered but impossible to answer are how long will that discount be in place before the politicians remove it so they have more money to spend? After full timing, how long will you live to take advantage of that discount?
Good luck!
