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Moving to Austin, TX to save $30k a year in taxes
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Moving to Austin, TX to save k a year in taxes

Hi all,

My business is going well and I want to save as much as I can while that is the case.

I'm currently in Chicago, a city that I love but have been here 5 years now. Of course, the winters suck but summer is great.

I recently bought a beautiful condo here (less than a year ago) but I could rent it out.

I've spent a few months down in Austin and am a big fan. Of course, the peak of summers suck but the shoulder seasons are great.

I think the cost of living is slightly cheaper in Austin v Chicago, perhaps due to the smaller city lifestyle more than anything.

Here is the kicker though...

I could save around $30k a year in state business and income taxes. Since the new GOP tax plan these are no longer deductible on your federal taxes (above $10k) so it really is $2-3k extra a month in my pocket. Though that is a smallish % increase.

I also worry about Chicago and ILs finances. They are beyond repair, truly. The worst in the nation and tax hikes are going to come down the line. Don't know anything about Austin/TX's finances but I'm sure they are better.

Any thoughts?

What would you do?

Austin v Chicago?

Thanks.
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