Tax
Mar. 21, 2023
Leave California taxes, don’t worry, be happy?
If you are a lawyer, does moving out of state make your practice income free of California tax? In many cases the answer will be no, perhaps not at all, and especially not completely.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Living and working in California is taxing, and that’s not likely to change. Businesses and individuals both pay a lot. California’s top 13.3% individual tax rate is the same on ordinary income and capital gain, and that fact can be especially frustrating if you eye no-tax states, or even other states that give capital gains a lower marginal tax rate like the IRS does. As I consider how many clients I’ve seen bolt for the exits, the lack of a capital gain rate in Cal...
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