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!
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Around the Tax World- May 7, 2026
In The HeadlinesThe S&P 500 stalls as the war in Iran continues and the Federal Reserve meets on interest rates.
What's New In The Tax World?Republican lawmakers look to woo voters with lower capital gains taxes
State-By-State-UpdatesCalifornia’s “billionaire tax” makes it a step closer to the November ballot.
Tax Planning TipsWho can benefit most from the IRS’ free tax withholding tool?
READ MOREAround The Tax World- February 21, 2023
World NEWS - Oakland-area small business owners rally in support of the suspended police chief…
U.S. NEWS - Amazon’s average cut of small business sales surpasses 50%
STATE NEWS - Iowa small business owners join the Small Business Voices to petition Congress…
TAX PLANNING - Intuit purchases $1 million in goods from local small businesses to be donated to nonprofits
Around the Tax World- January 23, 2023
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...
Around the Tax World- January 10, 2023
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...
Around the Tax World- December 9, 2022
World NEWS - Prosecutors in the Trump Organization trial claim that the former president sanctioned tax fraud...
U.S. NEWS - Taxpayers may see a much smaller tax refund from their 2022 returns...
STATE NEWS - Texas’ tax relief plans may negatively impact public schools…
TAX PLANNING - E-Commerce platforms petition to increase the business transaction threshold under the new tax reporting rules...
Around the Tax World- November 29, 2022
World NEWS - The Supreme Court approved the disclosure of Trump’s tax records to Congress...
U.S. NEWS - Congress receives renewed pressure to revive the expanded child tax credit...
STATE NEWS - The governor of Virginia announces plans to pursue tax cuts in the 2023 budget…
TAX PLANNING - Special tax rules will apply in 2023 for income received through third-party payment platforms...
Around the Tax World- November 10, 2022
World NEWS - Donald Trump files an emergency request to stop his personal tax returns from being disclosed...
U.S. NEWS - President Biden threatens to introduce a windfall tax on oil companies as profits surge...
STATE NEWS - Arkansas brings in unexpectedly high tax revenue…
TAX PLANNING - Tax experts estimate that 40% of American households will not pay federal income tax for 2022...
Around the Tax World- October 26, 2022
World NEWS - Jury selection begins for the Trump Organization’s tax fraud trial in New York...
U.S. NEWS - IRS inflation adjustments for 2023 may result in less taxation and more income for taxpayers...
STATE NEWS - A Chicago tax loophole has caused suburban communities to lose $280 million…
TAX PLANNING - President Biden’s elimination of tax credits for electric vehicles assembled overseas sees increased pushback...
Around the Tax World- October 10, 2022
World NEWS - The UK abandons a plan to cut taxes for the nation’s highest income earners…
U.S. NEWS - Two-thirds of US states have implemented tax cuts this year as a result of booming state revenue...
STATE NEWS - Seeking to compensate for declining gas taxes, Virginia launched a pay-by-mile program…
TAX PLANNING - Taxpayers rushing to make the 2022 tax extension deadline on October 17th should watch out for three common mistakes...
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Small Mistakes With Huge Costs for Your Client’s Tax Returns
We’ve all been there. A client walks into your office and, somewhere in the conversation, you realize that a seemingly minor oversight, a missed deadline, a form nobody filed, an election nobody mentioned, has spiraled into a five- or six-figure tax problem. In my years of practice, some of the most expensive mistakes I’ve seen weren’t the result of aggressive planning gone wrong. They were small, quiet errors. The kind that happens when a deadline slips, an election isn’t made, or a form gets overlooked entirely. The tax code is unforgiving in these situations, and the IRS has little sympathy for “I didn’t know.” This article walks through some of the most common, and most costly, small mistakes that can devastate your client’s tax situation, along with practical guidance for avoiding them.
When Debts Go Bad: The Challenges of Deducting Delinquent Debts
It is painful when you finally realize that the money you expected to be repaid is never coming back. The tiny silver lining in that cloud might be the tax benefit of “writing off” the debt. Unfortunately, that silver lining may well be eclipsed by an even bigger cloud. Writing bad debt off is not that easy, and there’s probably no silver lining to that cloud. Ironically, you might find that the mistakes that caused you to be holding a bad debt might be what prevents you from getting a usable deduction.
Building a Partnership the Right Way: Tax Strategies From Day One
Setting up a partnership is a lot like getting married. It’s exciting, full of promise, and if you do it right, it can be incredibly rewarding. Do it wrong, and you’re setting yourself up for years of headaches and potentially significant financial loss. The decisions you make at the formation stage of your partnership will impact your tax situation for years to come, and in some cases, these decisions can be difficult or costly to undo later. In this article, we’ll explore the critical steps in setting up a partnership and the tax implications of various contribution strategies. You’ll learn how to establish a foundation that maximizes tax advantages from day one.
