California Taxes Out-of-State Trusts for Out-of-State Asset

A record number of taxpayers have moved from California to other states, such as Texas. With advance tax planning, this type of move can produce significant tax savings. The savings can be had year after year. This type of move can also help avoid the audit and appeals process in California. This alone is worth…

Texas Franchise Tax: What are COGS?

Texas Franchise Tax: What Are Cogs?

With advance tax planning, it is often possible to avoid the Texas franchise tax. If the tax does apply, it can often be minimized by a close reading and application of the rules. The recent Sunstate Equipment Co., LLC vs. Comptroller of Public Accounts, No. 17-0444 (Tex. 2020) case provides an opportunity to consider when…

Avoiding State Income Tax on Part-Time Residents

Avoiding State Income Tax On Part-time Residents

Sometimes you can’t avoid paying state income taxes. This is true for those who have no ties to any state other than a state that has an income tax. But for those who have ties to multiple states, they can often structure their affairs to avoid the state income tax. This can be difficult to…

Lessons Learned from Colorado’s Taxpayer Bill of Rights

Taxpayers’ Bills of Rights (TABORs) prevent state governments from increasing taxes or spending revenue growth without first obtaining voter approval. Several states are poised to adopt state TABORs in the near future. The State of Colorado adopted a TABOR in 1992. There are a number of lessons that other states can learn from Colorado’s TABOR…