Tax
Jul. 21, 2023
Tax missteps if you leave California
California uses a comparative analysis to see if you have closer connections to another state. Some people who leave have unrealistic expectations and have a hard time distancing themselves from California. Many factors are relevant in assessing who is a California resident, but physical presence is the biggest issue.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
If you live in California, leaving the Golden State and skipping California’s 13.3% rate can be alluring. It’s especially true if you are about to sell appreciated stock, crypto or your company. After all, California taxes ordinary income and capital gain at the same rates. Not long ago, a tax bill would have upped California’s top 13.3% rate to a whopping 16.8% for the highest income.
Of course, even without those proposed hikes, paying ...
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