Billionaire Paychex founder Tom Golisano changes address to Florida to avoid New York taxes:
This is a perfect example of how simply changing things slightly in one’s financial set up and physical location – can save someone a substantial amount of State income tax – by moving to a State such as Florida which does not have a State Income Tax for Individuals.
One can also consider moving their business to Florida to possibly save on State Income tax stemming from their ownership of certain types of business entities. Good candidates are businesses that can be operated from anywhere such as an internet based business.
The article below quotes the founder of Paychex Golisano saying “moving to a state without a personal income tax will save him $13,800 a day. The founder of the Penfield-based Paychex Inc. business services company owns a home in Naples, Fla. ”