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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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My LLC is in Illinois. I am the sole owner and its active

Customer Question

My LLC is in Illinois. I am the sole owner and its active President. I would like to move and have Florida become my main residence while my business continues in Illinois. What hurdles or road blocks might I face in regards ***** ***** through income and taxes.
Submitted: 11 months ago.
Category: Tax
Expert:  Lev replied 11 months ago.

The issue is that your business continues in Illinois - and that means - you will have income from Illinois sources.

Expert:  Lev replied 11 months ago.

Therefore regardless of your residency - you still will file Illinois tax returns and will be liable for Illinois income taxes.
State income tax liability is based on both - the source or income AND residency.
If for instance you move to Florida - and will move your LLC to Florida as well and will NOT have any operations in Illinois - you would NOT have any tax liability in Illinois.
But if you will leave your LLC behind and it will continue operations in Illinois - you still will be liable for Illinois income tax as a nonresident - but in this case ONLY on income from Illinois sources.
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