Live the Life You Choose

SALT Chat

03.02.20 | SALT Chat

Can’t you hear the jingle playing with the singers belting out the lyrics, “Berdon LLP, Accountants and Advisors, call #########.

I expect to hear this retort over and over this week as our new Berdon radio campaign hits the airwaves today. Friends, family, colleagues, acquaintances and others just can’t resist a good-natured tease. My phone will be ringing with old familiar voices looking for a good laugh and maybe even to reconnect.

We are going to be running a rotating series of tax tips focused on planning to help you “live the life you want to lead.” One of these tips will be offered by me and of course will deal with state and local tax, specifically the perils of being found a tax resident of multiple states.

We have discussed this danger in the blog many times before. Multiple homes or even a simple apartment kept near work for convenience can end up costing a lot more than you think. Tax credits can help mitigate the impact but not always one hundred percent and sometimes not at all. Our tax advisors at Berdon are all well versed in these issues and when they need more guidance, they turn to the SALT group.

What really struck me while recording the radio spot was how true the phrase “live the life you want to lead” rang true. At Berdon our clients’ desires always come first. While in some cases this may very well correspond with paying the least in taxes, we are very aware that life comes first. As part of residency planning we find it crucial to discuss with our clients from the very beginning of our relationship, what do you want to do and where do you want to be. From that starting point we will work with you, your family and your business to put the most effective plan in place that considers your goals as well as your tax savings. The costs and savings of the alternatives will be explained, and you decide how to proceed.

If you have questions contact me at wberkowitz@berdonllp.com or your Berdon Advisor.

Wayne Berkowitz, a tax partner and co-leader of the State and Local Tax Group at Berdon LLP, advises on the unique requirements of governments and municipalities across the nation.