Taxes & New Jersey - Hercules Movers

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Thinking About Moving Out of New Jersey to New Hampshire? Here’s What You Need to Know

New Hampshire has been ranked to be one of the best states to live in. In being ranked as one of the best places to live, a lot of factors such as income level, unemployment rate, and population density were considered. All these and more are factors you consider when considering whether to move to a state. If you are thinking of moving to New Hampshire, there a few things you should consider. New Hampshire is ranked as one of the top 10 states to retire to. This is because there are a lot of attractive attributes in New Hampshire that make the state appealing to people of all ages. When picking a state to move to, things such as cost of living, taxes, and of course weather are very crucial considerations. We have put together a list of things you should know and consider before moving to New Hampshire below.

  1. Culture The people of New Hampshire are very diverse generally described as friendly and helpful. The people are also honest and hard-working, and you will not have trouble making new friends after your move.
  2. Affordable Housing New Hampshire has affordable rates whether you are looking to buy or rent a house. These affordable houses are readily available. What’s more, there are a lot of new settlements being developed all around New Hampshire. All these new developments will allow houses to be readily available for buying or renting at affordable rates. In addition to affordable housing, New Hampshire also has affordable home insurance. On the downside, New Hampshire has high Property tax rates. It has the third-highest property tax rate in the country. What this means is that money saved on affordable rent or buying, and home insurance might be spent on property taxes in the state.
  3. Tax Rates As stated above, property taxes in New Hampshire are high. However, it is still a tax-friendly state. There is no state income tax or sales tax levied by the state. So, this lack of state income and sales tax might offset the high sum spent on property tax. The state is especially tax-friendly to senior citizens. Social security benefits and other retirement incomes are not taxed.
  4. Population Density If you want your home to be in a compound with a lot of space, then New Hampshire is the place for you. The state has a low population density. This allows for you to be able to purchase a large portion of land at a good price.  This extra space can be used for gardening and any other hobbies you would like to try out with your extra time.
  5. Quality of Life Multiple studies have shown New Hampshire to be the best place to live in. One of the reasons for this is that New Hampshire has one of the highest quality of life and life expectancies. The state is generally clean with plenty of fresh air for you. At this stage, quality of life is very important for you because you are in a delicate season of life. The quality of life in New Hampshire makes it possible for you to live a good life at this stage of your life.
  6. Cost of Living New Hampshire has a good economy. The cost of living in New Hampshire is very affordable compared to other states. If you are retiring, chances are that you are going to live on your retirement benefit. It is therefore essential for you to choose a state with a low cost of living so you can have a comfortable retirement period.
  7. Recreational Activities One of the reasons people move to New Hampshire is its proximity to recreational activities and centers. There are a lot of beaches, mountains, lakes, and forests. New Hampshire has a lot of recreational activities and centers that you can utilize to relax. There are nice sculpture gardens, museums, nice castles, and festivals. Whatever recreational activity you are a fan of chances are high that you will find an or place to satisfy you in New Hampshire.
  8. Low Crime Rates New Hampshire is popular for its low crime rates. The state is ranked one of the highest for public safety and one of the lowest for crime rates. It important that you pick a state with low crime rates to avoid being the victim of the crime as much as possible.
  9. Weather New Hampshire has nice weather. However, the state has long and harsh winters. If you do not like winter, it is especially long in New Hampshire and that may not be the best possible state for you. If you really want to move to the state, you can try moving to New Hampshire, and be going on holiday to another state during winter. New Hampshire is also prone to health hazards such as wildfires, thunderstorms, tornadoes, and hurricanes. This is something you should seriously consider before deciding to move to New Hampshire.
  10. Effective Healthcare System New Hampshire is ranked as the third healthiest state and ranked first for quality of health care. For you, quality health care is really important and a state like New Hampshire with quality health care should be top on the list of states you are considering moving to.
  11. Freshly Brewed Beer If you love freshly brewed beer, then you should consider moving to New Hampshire. The state has a lot of excellent breweries scattered all over. It makes it easy for you to access your freshly brewed beer.

 


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The rate of migration has increased. People moving out of populated suburbia or cities exploded due to the pandemic, because of costs, taxes, and more.  As much as people do not like to move, because of the stress and cost attached to moving, there are always reasons to move. Reports show that New Jersey has had a considerable amount of out-migration in recent years. According to the report, Millennials make up the bulk of people migrating out of New Jersey. Between 2004 and 2016, the percentage of millennials that migrated out of New Jersey more than doubled. There are however reports to show that the out-migration of millennials is not just limited to New Jersey. Millennials are moving from other places. Reasons for all the moves include expensive housing, low quality of life, as well as inaccessible transportation facilities and infrastructure. These are some of the major reasons why millennials move.

Millennials is the term generally used to describe people born between the years 1980 and 2000. The pattern of movement shows that these millennials when moving to other states, choose urbanized locations with job opportunities, affordable housing, easy and affordable transportation, infrastructure, and good quality of life where other social amenities and recreational facilities, are accessed easily. These are qualities that the states that millennials are moving out from lack. Some states with these amenities that attract millennials are now considered millennial states and often referred to as millennial magnets. 

As much as the availability of social amenities and recreational facilities are good reasons to move, millennials also consider the availability of opportunities that can be exploited in their destination state. Thus, regardless of the normal large states that are millennial magnets, there are some smalls states and cities that attract a good number of millennials. 

 Below is a list of states that millennials moving out of New Jersey are choosing to move to and some of the things that attract millennials to these states. This list is in no particular order. 

  1. Washington: Washington has had a Millennial net migration of 2.16%. it provides the possibility for growth. The cost of living in Washington is high. However, taxes in Washington are cheaper and more stable than in some other states. The state also provides a good quality of life and the city is a perfect blend of different generations.
  2. New York: Although New York is an expensive place to live in, it has lower income and housing tax rates. New York has a high GDP and a strong Economy. There are a lot of opportunities available for millennials to explore in the state. It is also a very exciting state to live in as there are a lot of shows and recreational centers for millennials to socialize.
  3. Los Angeles: Los Angeles is a very beautiful place to live in. The city has good weather which is one of the most attractive things about the city. Asides from the weather, Los Angeles has a lot of colleges within the city, making it a great place to get an education. If you love sports, it is also a good place for you to have a sporting activity as your recreational and even professional activity. All these and more make Los Angeles an attractive place for millennials to live in.
  4. Nebraska: Nebraska has had a millennial net migration increase of 1.79%. This state is popular for millennials because it has a lot of employment opportunities. Nebraska offers high income and cheap housing. The state also has good quality of life. Making it a good place for millennials to live.
  5. New Hampshire: New Hampshire has had a millennial net migration increase of 1.9%. New Hampshire is one of the safest places to live and raise a family. The state has a low crime rate. Although the cost of living is high, it is low compared to other metro cities.
  6. Colorado: Colorado has had a millennial net migration increase of 2.74%. Colorado provides a good opportunity for employment for millennials. The State has a low rate of unemployment. Colorado also has a flat income rate which is a good fiscal policy that works for millennials. In addition to these, Colorado is a good place for recreational places such as nice restaurant scenes and parks.
  7. Virginia: Virginia is popular and attractive to millennials because of the good standard of living the state provides. The state has facilities and recreational centers that make it an attractive place to live, work, and raise a family – which millennials are trying to do. The beaches in Virginia also make it a very beautiful place to have fun and relax.
  8. Texas: Texas is another state millennials are moving to. There are three cities in Texas – Austin, San Antonio, and Huston that are the top attractions in the state. In 2018, records show that more than 3,200 millennials moved to each of the mention states. One attractive thing about Texas is that there is no state income tax on salaries and wages.
  9. North Carolina:  North Carolina is a good place for businesses to thrive. This has made it a good place for millennials who are entrepreneurial to migrate to. The state also has very beautiful scenery for relaxation and socialization.
  10. Tennessee: Another reason millennials move to Tennessee is that the state has no income tax on salaries and wages. This saves money for a millennial who is trying to maximize income as much as possible. Tennessee is also a state that has affordable housing. This helps Millennials to be more independent which is something millennials look forward to.
  11. Nevada: One attractive thing about Nevada is that there is no state income tax on salaries and wages. Nevada also has a lot of good job opportunities and a reasonable cost and standard of living. The great weather is also a plus to this state.
  12. Ohio: Ohio is an attractive place for millennials to move to because the state has affordable housing compared to most states. This provides the opportunity for millennials to easily rent and live alone or even buy. The Migration into Ohio is particularly high in Columbus which provides some of the most affordable housing rates.

THINKING ABOUT MOVING OUT OF STATE?

Are you thinking of moving out of New Jersey to Pennsylvania, North Carolina, Florida, South Carolina, Georgia, or some other state across the country? Hercules Movers, Inc can help get you and your belongings there safely. Call us if you are looking for a free no-obligation quote for your long-distance move at 732-324-2500 today to schedules an appointment for us to come to you.


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Moving involves a lot of planning because there are a lot of activities involved in the process. One of the many things you will need to plan out is filing your tax returns both in the state you are leaving and in your new state of residence. Location is very important for the computation and filing of tax returns. This makes it important for you to find out how to file tax returns after a long-distance move out of New Jersey.

In the United States, each level of government levies different types of tax. State income tax is different from federal tax. Income taxes are levied at both federal and state levels. For individuals, tax is generally levied on taxable income which is the net income of individuals. State income tax is levied by the state directly on your income earned in your state of residence. There are other types of taxes that can be levied at the state level. Some examples are – payroll tax and sales tax. Many taxes are usually self-assessed. What this means is that each taxpayer calculates how much is to be paid based on the prescribed tax rates and deductions and then files with the tax returns.

Since there are state-based taxes, when you make a long-distance move out of a state, you have to stop paying those state-based taxes to your old state and start paying to your new state of residence. In the same vein, when you have made a long-distance move out of New Jersey, you will need to stop filing state-based taxes there and start filing them at your new state of residence.

When you make a long-distance move out of New Jersey, it is important to get general tax information in your new state of residence. This will enable you to avoid tax offenses. Tax offenses vary from non-compliance with tax laws to negligence. There are penalties attached to tax offenses. These penalties are mostly state-based except for federal taxes. Thus, penalties and their severity will depend on the specific tax law of the state. You must do your due diligence after a long-distance move to ensure that you comply with the applicable laws.

Taxes are computed and filed by the taxpayers. Thus, after a long-distance move, you will need to know the appropriate mode and system of filing in your new state of residence to help you file properly and avoid any tax offense. As with many other people, moving was stressful for you. Thus, we have put together a list of things to look out for when filing taxes in a new state. This list will guide you in your plan to file after a long-distance move.

  1. Exit tax 

When you make a long-distance move out of New Jersey and you sell off your property, the state tax laws provide that you pay an Exit Tax in New Jersey. Exit Tax is two percent of the gross sale of property by people moving out of the state. The exit tax is paid regardless of whether Capital Gains was made on the property or not.

  1. Applicable law and administrators 

When you get to your new state of residence, it is important that you get familiar with the applicable tax law of the state. Aside from the General Federal tax laws, each state has its tax laws. Knowledge of the applicable tax law is what will guide you and help you avoid tax offenses.

Taxes are administered by tax authorities. Every state has its tax administrator. You should also find the appropriate authority in the state.

  1. Tax rate of the state 

Because states have the power to make their state tax laws, tax rates differ from state to state. Each state fixes its tax rate. Thus, when you move to a new state, you will need to find out the tax rate of the new state. Certain states do not levy tax on the income of residents. You might be surprised to find out that your new state of residence does not impose an income tax. Thus, saving you some money. Some other states make money primarily from taxes and thus have high tax rates. Others have a flat rate for taxes.

It is therefore important to find out about the tax rates of your new state of residence. This information is commonly readily available. However, you can consult with a tax consultant to get the best possible tax information in the state.

  1. Filing status 

As earlier stated a lot of state taxes are self-assessed. Taxpayers assess and file tax returns. The tax authorities then review it and can adjust the tax returns. If you are married, you can decide to calculate the tax for you and your spouse and file jointly. If you are unmarried but have dependents in your household, then you can file as the head of a household.

  1. Deductions and exemptions

There are available deductions allowed on taxes generally, especially income tax. These deductions are however subject to certain limitations and the number of deductions is subject to the state tax laws. Thus, when you have made your long-distance move out of New Jersey, you need to find out the allowable deductions and rate of deductions of your new state of residence. You should do this before filing to avoid tax offenses.

  1. Mode of filing 

In New Jersey, there are platforms available to file your tax returns electronically. Tax returns can also be filed physically. Electronic filing of tax returns is now widely used and encourages by the tax authorities. There are even available software programs for computing tax returns for taxpayers. When you get to your new state of residence, it’s important to find out the available mode for filing in the state. When you choose a mode for filing from the available modes, then register.

Thinking About Moving?

Are you thinking of moving out of New Jersey to Pennsylvania, North Carolina, Florida, South Carolina, Georgia, or some other state across the country?  Hercules Movers, Inc can help get you and your belongings there safely.  Call us if you are looking for a free no-obligation quote for your long-distance move at 732-324-2500 today to schedules an appointment for us to come to you.


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