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Around the Tax World- February 10, 2025
In The HeadlinesIs DeepSeek the wave of the future of A.I.—or a threat to data security?
What's New In The Tax World?Will Trump’s $4 trillion tax cut plan prevail? Not without progress on reducing the national deficit
State-By-State UpdatesIdaho lawmakers aim to tackle rising property taxes.
Tax Planning TipsAvoid an audit by making sure these important forms are submitted.
READ MOREAround the Tax World- January 23, 2025
In The Headlines Meta will be cutting 5% of its staff in efforts to raise performance standards.
What's New In The Tax World?What tax changes are Americans most likely to see in the early months of the Trump administration?
State-By-State UpdatesCould Arkansas soon say farewell to its grocery tax?
Tax Planning TipsA new year’s resolution: Stay on top of your taxes in 2025.
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.
Around 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.
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CURRENT EDITION
Leaving the United States, Part III: Dual Citizenship
In Part I of this three-part series, we discussed the implications and taxes for American expatriates. In Part II we turned our attention to renouncing citizenship. Here in Part III, we will consider the halfway point of dual citizenship. And as you would expect, taxes are a serious consideration.
Reflecting On Rothing
I have been dissatisfied with most of the articles that I have read about what I call Rothing, i.e. foregoing a deduction for retirement savings with the prospect of tax-free distributions in the future or taking the tax hit on a deferred account to convert it to a tax-free account. The articles generally have a pro-Roth bias. Suze Orman, for example, swears by Roths. They also tend to not have numbers in them. What I am going to do here is to reflect on the idea of Rothing and discuss what I see as some key numbers. I’m not going to dive deep into technical issues.
Considering a Historic Building for Your Business? These Tax Credits are Good News
Historic buildings make a beautiful location for doing business. Unfortunately, many of them may seem out of the price range of small business owners. But, that’s not necessarily the case. The state and federal governments have an interest in preserving these properties, and they are willing to give you tax credits for buying and restoring a historic building. The credits reimburse a large proportion of your restoration costs. This really is a great incentive to go for a building that will give your company a unique and professional feel.
