Robert W. Wood

Business planning recovery concept and new year beginning success idea getty There are a few months left in 2024, so does it make sense to even think about this yet?

PUNTA GORDA - OCTOBER 10: In this aerial view, a person walks through flood waters that inundated a ... [+] neighborhood after Hurricane Milton came ashore on October 10, 2024, in Punta Gorda, Florida.

NEW YORK, NEW YORK - SEPTEMBER 06: Republican presidential nominee, former U.S. President Donald ... [+] Trump speaks during a press conference at Trump Tower on September 06, 2024 in New York City.

High tax rates may prompt some Californians to consider relocating, particularly before significant income events like lawsuits or sales of stocks and companies.

MIAMI, FLORIDA - SEPTEMBER 19: Shohei Ohtani #17 of the Los Angeles Dodgers hits a two-run home run, ... [+] his 50th of the season, becoming the

Harris tax hikes would hurt top earners, particularly in high-tax states. All eyes are on the election, but it’s hard to talk taxes without addressing state taxes too.

PUNTA GORDA - OCTOBER 10: In this aerial view, flood waters inundate a neighborhood after Hurricane ... [+] Milton came ashore on October 10, 2024, in Punta Gorda, Florida.

ERIE, PENNSYLVANIA - OCTOBER 14: Democratic presidential nominee, Vice President Kamala Harris ... [+] speaks during a campaign rally at Erie Insurance Arena on October 14, 2024 in Erie, Pennsylvania.

Settlement agreement wording is important and can help avoid tax trouble. It does not bind the IRS, but helpful tax language in a settlement agreement can resolve audits.

Ironically, Trump may make it easier for people to vote with their feet. Among his tax promises, Trump vowed to end double tax for millions of expats.