Hi Abe! My family and I are moving across state lines this year? What changes could this mean to my taxes as a self-employed person?
Abe: Great question! This can impact your taxes in a couple of ways. First, you will want to notify your preparer which state you are moving to and provide them with your new filing address when the move is official. Your state income taxes are often pro-rated based on the amount of time spent in one state versus the other.
Second, you may want to adjust your weekly savings toward your quarterly taxes. Because of your move across state lines, your state income tax rates may have changed. Because of this change, you may have to alter your savings off your net profits to accommodate.
When in doubt, always ask! If you have any questions regarding changes in payment methods, filings, etc., always feel free to bring tax questions to a preparer in order to make sure you are staying compliant.
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