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
World NEWS - Walmart paid almost $1 billion in taxes after moving
PhonePe headquarters to India…
U.S. NEWS - 38 U.S. states will see tax changes in 2023—including significant tax reductions...
STATE NEWS - Kentucky legislators seek to pass an income tax reduction bill…
TAX PLANNING - New year, new tax brackets—taxpayers anticipate higher take-home pay in 2023...
READ MOREAround the tax world
Check out what’s happening all around the world of tax! World News US NEWS STATE NEWS TAX PLANNING Twice per month, we post our “Around the Tax World” feature. This highly curated, concisely written feature acts as your own personal aggregator of all the news happening in and around the world of tax. Your days …
Around the tax world Read More »
Read MoreAround the tax world
Check out what’s happening all around the world of tax! World News US NEWS STATE NEWS TAX PLANNING Twice per month, we post our “Around the Tax World” feature. This highly curated, concisely written feature acts as your own personal aggregator of all the news happening in and around the world of tax. Your days …
Around the tax world Read More »
Read MoreAround the tax world
Check out what’s happening all around the world of tax! World News US NEWS STATE NEWS TAX PLANNING Twice per month, we post our “Around the Tax World” feature. This highly curated, concisely written feature acts as your own personal aggregator of all the news happening in and around the world of tax. Your days …
Around the tax world Read More »
Read MoreAround the tax world
World News US NEWS STATE NEWS TAX PLANNING Check out what’s happening all around the world of tax! Twice per month, we post our “Around the Tax World” feature. This highly curated, concisely written feature acts as your own personal aggregator of all the news happening in and around the world of tax. Your days …
Around the tax world Read More »
Read MoreAround the tax world
Check out what’s happening all around the world of tax! World News US NEWS STATE NEWS TAX PLANNING Twice per month, we post our “Around the Tax World” feature. This highly curated, concisely written feature acts as your own personal aggregator of all the news happening in and around the world of tax. Your days …
Around the tax world Read More »
Read MoreAround the tax world
Check out what’s happening all around the world of tax! World News US NEWS STATE NEWS TAX PLANNING Twice per month, we post our “Around the Tax World” feature. This highly curated, concisely written feature acts as your own personal aggregator of all the news happening in and around the world of tax. Your days …
Around the tax world Read More »
Read MoreAround the tax world
Check out what’s happening all around the world of tax! World News US NEWS STATE NEWS TAX PLANNING Twice per month, we post our “Around the Tax World” feature. This highly curated, concisely written feature acts as your own personal aggregator of all the news happening in and around the world of tax. Your days …
Around the tax world Read More »
Read MoreAround the tax world
Check out what’s happening all around the world of tax! World News US NEWS STATE NEWS TAX PLANNING Twice per month, we post our “Around the Tax World” feature. This highly curated, concisely written feature acts as your own personal aggregator of all the news happening in and around the world of tax. Your days …
Around the tax world Read More »
Read MoreNOT A MEMBER YET?
SUBSCRIBE TO GET ALL OF OUR
GREAT ARTICLES AND RESOURCES!
CURRENT EDITION
Inflation Reduction Act 2022 Energy Tax Incentive Considerations
The Inflation Reduction Act of 2022 (P.L. 117-169; 8/16/22) could easily have been named the Energy Incentives Act of 2022. Over 20 provisions in the Act provide tax credits or special deductions to encourage the production and use of clean energy. The cost of these energy provisions over ten years is about $271 billion. In contrast, the ten-year revenue projection for the corporate AMT and one percent excise tax on certain stock buybacks is about $296 billion.
Most of the energy credits are for businesses and are specialized such as for the production of clean hydrogen or sustainable aviation fuel or zero-emission nuclear power production. Four credits are designed for individuals including three revised credits and one entirely new one (§25E, Previously-owned clean vehicle credit).
This article highlights key aspects of the credits and special energy provisions as a whole, offers tips for dealing with the complexities that exist in these IRA 2022 rules, and provides suggestions to help individuals obtain the greatest tax savings from the new and revised energy credits and rebates. A few charts are included to aid in understanding these credits.
“Retired” CPAs Touring America in an RV
I recently wrote a sort of case study to illustrate the economics of RV tourism . I thought that my fellow tax pros might appreciate a little more analysis of the numbers. I also have some observations on working out of an RV, because I wasn’t actually entirely retired…
Potential Pitfalls of Digital Assets and the “Kiddie Tax”
Those of us who are parents of Gen Z children know it’s “no cap ” that we have no clue what our children get up to on the internet. My son, for example, makes a lot of YouTube videos of our cat for some reason. Thankfully, he hasn’t monetized his videos (yet!), so they don’t carry any tax consequences. However, many taxpayers are finding out that their dependents have spent their time in the metaverse, defi gaming, or nfts, and as a result have engaged in dozens to thousands of taxable transactions without even being aware it. Those transactions may also trigger the “Tax on a Child’s Investment and Other Unearned Income,” also known as the “Kiddie Tax.” Read on to learn more…