Three tax law experts provided advice on preparing for a New York home tax audit in a recent webinar hosted by Schneps Media.
Many people try to change their state of residence in hopes of avoiding New York state taxes, but underestimate the hassle they need to make to gain residence in another state. Tax attorney Karen J. Tenenbaum shared her expertise on official naturalization in another state.
“People think they just have to change their license and voter registration,” said Tenenbaum. “But New York State will consider many different factors, including business activity, time spent, the location of sentimental items, and family connections.”
She also stated that the effects of Covid-19 will affect tax audits as people have moved away from their primary residence and can work remotely.
Next, Andy Presti of Presti and Naegele spoke about the importance of New York State income, including wages earned in New York, certain bonuses paid after leaving New York, income from rental real estate, stock options earned, untaxed installation payments and other sources of income.
“It is important to know where your income is coming from. You will continue to pay New York income tax on this income. New York doesn’t want to give up taxing that income, ”said Presti. “You won’t save on taxes if you work in New York.”
Finally, attendees heard from Eric Donner, the founder of Six Months and a Day, a company that helps its customers save taxes.
“There’s a misconception out there that one only has to live somewhere six months and one day, or one hundred and eighty-three days; it’s just not true. That is why we called our company ‘Six Months and One Day’, ”Donner told the participants. “Residence audits can be complex, very invasive and time-consuming. You really have to know the rules and the playing field. “
To learn more about how professionals like Tennebaum, Presti and Donner can help you save taxes, watch the webinar on Youtube.
Additional webinars from Schneps Media, the parent company of Long Island Press, can be found at schnepsmedia.com/webinars.
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