Welcome to THINK OUTSIDE THE TAX BOX, the premier on-line publication for tax reduction information!
Here at TOTTB, we produce in-depth, easy to understand, exhaustively cited, essays on the topic of tax reduction for our subscribers! And, every two weeks, we add more articles and more features like our live webinar events, private Facebook group, downloadable “Client Alerts” and Infographics, features like our blog, Around the Tax World, an aggregator of all the news happening in the tax world!
If you aren’t a subscriber yet, please understand that this blog is a very small part of what we do. If you really want to dig in, SUBSCRIBE! (We offer a 30-day money back guarantee, you have nothing to lose!)
Around the Tax World- January 09, 2025
In The Headlines The S&P 500 has its worst performance in over 70 years in the stretch between Christmas Eve and New Year’s Eve.
What's New In The Tax World?The newly-minted Department of Government Efficiency may take an axe to the IRS.
State-By-State UpdatesKansas legislators will battle it out over new property tax cuts.
Tax Planning TipsTaxpayers in these nine states will see an income tax reduction starting this year.
READ MOREAround the Tax World- December 10, 2024
In The Headlines Using A.I. to fight A.I.—Meta plans to use facial recognition to protect users from celebrity-bait scams.
What's New In The Tax World?Inauguration Day may also be new tariffs day as Trump returns to the White House.
State-By-State Updates.California’s governor queues up a tax credit for zero-emission vehicles.
Tax Planning Tips
Around the Tax World- November 22, 2024
In The Headlines Biden rushes to roll out his chip manufacturing program—will Trump reverse it?
What's New In The Tax World?Saying hello to the next Trump administration may mean goodbye to Biden’s EV tax credit.
State-By-State UpdatesCalifornia may up its tax credit offerings to the film and television industry.
Tax Planning TipsWill overtime pay taxes disappear under the Trump administration? And how much will that impact workers?
Around the Tax World- November 7, 2024
In The Headlines -Starbucks wants to win you back—with simpler menu offerings and lower prices
What's New In The Tax World?Is the elimination of federal income tax a real possibility?
State-By-State UpdatesCalifornia may up its tax credit offerings to the film and television industry.
Tax Planning TipsWhat happens if the Tax Cuts and Jobs Act provisions expire? You can prepare today for the future of your estate.
Around the Tax World October 24, 2024
In The Headlines -Amazon will be delivering something new this fall—your 2024 election news
What's New In The Tax World? The Trump campaign touts ten tax cut promises, not including the ongoing conversation about tariffs
State-By-State Updates Coloradans can vote on a number of tax-centric measures, including a tax increase to fund affordable housing.
Tax Planning Tips A proposal to fund Social Security benefits could mean a higher tax for high-income earners
Around the Tax World October 8, 2024
In The Headlines -Has Visa created a monopoly in the debit card market? The U.S. Department of Justice says it has.
What's New In The Tax World? -The presidential tax policy face-off continues: Harris turns her attention to manufacturing tax breaks while Trump continues his emphasis on tariffs
State-By-State Updates -Louisiana may see an automatic income tax cut in 2026.
Tax Planning Tips - Tax-sheltered savings accounts can provide a simple way to build wealth.
Around the Tax World – August 27, 2024
In The Headlines - Could Elon Musk be on the next presidential Cabinet?
What's New In The Tax World? - Harris and Trump disagree on corporate tax rates but agree on eliminating federal taxes on tips
State-By-State Updates - Colorado voters have a big decision to make: lower taxes or more affordable housing?
Tax Planning Tips -A higher child tax credit may be on the horizon for lower income families.
Around the Tax World – August 6, 2024
In The Headlines - Shares in gun manufacturers rose by as much as 10% in the aftermath of the Trump assassination attempt.
What's New In The Tax World? - Making up for lost taxes: the IRS collects $1 billion in back taxes from high-income taxpayers.
State-By-State Updates - Nebraska’s governor proposes a plan to bring in $1 billion in sales tax revenue.
Tax Planning Tips - The Supreme Court’s recent decision put an end to a business strategy to avoid estate tax.
Around the Tax World – July 23, 2024
In The Headlines - Shares in gun manufacturers rose by as much as 10% in the aftermath of the Trump assassination attempt.
What's New In The Tax World? - Making up for lost taxes: the IRS collects $1 billion in back taxes from high-income taxpayers.
State-By-State Updates - Nebraska’s governor proposes a plan to bring in $1 billion in sales tax revenue.
Tax Planning Tips - The Supreme Court’s recent decision put an end to a business strategy to avoid estate tax.
NOT A MEMBER YET?
SUBSCRIBE TO GET ALL OF OUR
GREAT ARTICLES AND RESOURCES!
CURRENT EDITION
2025 Tax Surprises You Shouldn’t Overlook
There are a few tax rules new for 2025 that may catch some individuals and their tax advisers by surprise. These changes have not received lots of attention either because they are overshadowed by related changes that are more significant, or they were enacted a few years back with a future effective date that arrives in 2025. This article covers changes for 2025 that you will want to be sure to share with clients to avoid surprises at a later date.
Leaving the United States, Part I: Expats
When Americans speak of leaving America, they generally are expressing a desire to live elsewhere in the world for cultural reasons or due to cost of living. These people are called expatriates, aka expats. For clarity, a mere visit to another country does not make you an expat. To be an expat, the move needs to be long-term and often includes working or retiring in the new country. Expats live somewhere outside the U.S., but still have a tax obligation to the U.S. and possibly the country they move to. That will be the focus of this article.
Tax Preparer Hit with Stiff Sentence
John Anthony Castro is a colorful character. He entered several Republican primaries seeking the Presidential slot after failing to win the primary for a Senate seat representing Texas. He sued to have our once and future President Donald Trump be removed from the ballot on Fourteenth Amendment Section 3 grounds. As we can easily infer, those suits went nowhere. But more than anything, John Anthony Castro was a tax guy with a virtual practice with locations in four cities. Not anymore. Now he is resident in a Bureau of Prisons facility – the Federal Medical Center Fort Worth. On October 30, 2024, Judge Terry Means sentenced Castro to 188 months in prison, followed by one year of supervised release and restitution of $277,243, following his conviction on 33 counts of “Aiding and Assisting in the Preparation and Presentation of a False and Fraudulent Return.” Does the sad story of John Anthony Castro hold any lessons for us? Perhaps.
