Episode 24 Home is Where the Heart is and Maybe Even Some Taxes
Mar 10th, 2021 by taxresolutiontalk
You know the old saying that home is where the heart is. The idea is that home is where your social life is centered around, often where your family resides. It is also the place that fixes your location for state income tax purposes. In this episode, I discuss the concept of domicile and how it impacts your overall tax bill. I will also talk about statutory residency, where you could be taxed as a resident even if you consider somewhere else home.
If you are interested, you can follow this link to read Maine's guide on state residency for tax purposes. Each state is different but I find Maine to follow the general trend in this area of tax law. https://www.maine.gov/revenue/sites/maine.gov.revenue/files/inline-files/residency_guidance_2019.pdf
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