Establishing a domicile in Florida offers the best of both worlds: enjoying a favorable tax environment amid a tropical climate. Gunster tax and private wealth services lawyer Adi Rappoport explains.
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Tax and business benefits of living in Florida
Florida recently surpassed New York as the third most populous state in the U.S. Some of the reasons for this are obvious: we have beautiful beaches, pristine golf courses and great weather.
But we also have a terrific tax and business environment.
We have no income tax, no death taxes, no gift or inheritance taxes, and our sales tax rates are very competitive and low.
It’s also an attractive place to do business.
We frequently work with clients to bring them into the state of Florida, help set up their businesses, and work with their out-of-state advisers to make sure their tax positions and their businesses are properly set up.
