If you're looking to save big on taxes by packing up your small business and shipping it to a friendlier state, it may be time to hit the brakes.
The new federal tax law grants special breaks for owners of businesses — there's the 20 percent deduction on qualified business income and lower tax rates for C-corporations — and entrepreneurs are searching for additional ways to save on state and local levies as well.
That's especially valuable because on individual returns, filers can only deduct up to $10,000 in state and local taxes, which include income and property taxes.
"Companies are determining whether they can move their business to low tax jurisdictions," said Lance D. Christensen, partner at accounting firm Margolin Winer & Evens.
"It's a question that's one of many asked as a result of this sweeping tax legislation," he said.
Leaving New York for Florida sounds like a no-brainer, yet tax professionals warn that entrepreneurs should proceed with caution. It'll take more than just moving your headquarters to ramp up your savings.
Here's what you should know before relocating.