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 – April 9, 2024
In The Headlines - Will Trump be out $450 million?
What's New In The Tax World? - Scams abound during this tax season: here’s how to avoid falling prey
State-By-State Updates - Illinois is recruiting volunteer firefighters by offering a special tax credit.
Tax Planning Tips - Planning for retirement? Don’t overlook the saver’s tax credit.
READ MOREAround the Tax World – November 23, 2023
In The Headlines - Ryan Gosling is the most popular celebrity—among internet scammers, according to cybersecurity software company McAfee.
What's New In The Tax World? - U.S. lawmakers continue to push for changes to the tax rules on EV credits and cryptocurrency taxation
State-By-State Updates -Overtime just got more exciting in Alabama, which has officially eliminated state taxes on overtime pay.
Tax Planning Tips - Service members can opt into a new tax benefit—the Dependent Care Flexible Spending Account (DCFSA).
Around the Tax World – November 10, 2023
In The Headlines - What do Selena Gomez, Kim Kardashian, Rihanna, and Reese Witherspoon have in common?
What's New In The Tax World? - House Republicans propose a $14 billion reduction in the IRS’ budget to fund aid to Israel
State-By-State Updates -Alabama residents will see a little income boost through a round of tax rebates.
Tax Planning Tips - The IRS’ latest mission: hunting down $1 trillion lost to overseas tax havens.
Around the Tax World – October 26, 2023
In The Headlines - Not liking Louis Vuitton’s men’s line this year? Blame Pharrell.
What's New In The Tax World? - A new Supreme Court case questions whether a couple’s $15,000 tax bill is unconstitutional
State-By-State Updates -Californians are getting an extended deadline for federal and state taxes.
Tax Planning Tips - The IRS is piloting its free tax-filing platform in 13 U.S. states.
Around the Tax World – October 9, 2023
In The Headlines - The Hollywood writers strike has ended, but the actors aren't back just yet
What's New In The Tax World? - An IRS contractor has been charged with leaking tax information belonging to Donald Trump and thousands of other wealthy taxpayers.
State-By-State Updates -Arizona cities are encouraging new housing developments by offering major tax breaks.
Tax Planning Tips - Can TikTok be your tax advisor? Tax professionals are warning about the dangers of misinformation on social media.
Around the Tax World – September 26, 2023
In The Headlines - Want to chat with your favorite celebrity? A new startup is introducing celebrity “AI clones” that allow users to engage in simulated dialogue with well-known online personalities.
What's New In The Tax World? - Could the end of the expanded Child Tax Credit be the reason for the recent rise in child poverty?
State-By-State Updates -Maryland ends its fiscal year with leftover cash, the result of a 5% increase in tax revenue.
Tax Planning Tips - Roth IRA conversions can reduce taxes in retirement—but taxpayers need to consider these factors before making the leap.
Around the Tax World – September 7, 2023
In The Headlines -Chef Gordon Ramsay heads to southern Florida to open his two newest
restaurants.
What's New In The Tax World? - The Biden administration puts forth a proposal for...
State-By-State Updates - ● The verdict is still out on whether Colorado’s state tax refunds may be...
Tax Planning Tips - President Biden is racing to implement a 15% corporate tax as opponents rise up to
challenge it.
Around the Tax World – August 29, 2023
In The Headlines -Beyoncé is in the business of helping her fans smell great...
What's New In The Tax World? - Tax code revamps are a key talking point for 2024 presidential candidates
State-By-State Updates - ● A new tax in Jacksonville, Florida would raise funds for homeless and domestic violence victims.
Tax Planning Tips - The new 1% stock buyback tax adds up to $3.5 billion for the largest U.S. companies.
Around the Tax World – August 7 2023
In The Headlines -Joe Biden and Elon Musk exchanged tax policy quips on Twitter.
What's New In The Tax World? - As presidential hopefuls look ahead to 2024, DeSantis focuses on taxes, regulations, and policy toward Chinas
State-By-State Updates - A bill that is set to repeal rental tax in Arizona has yet to see the governor’s desk.
Tax Planning Tips - The rules for inherited IRAs have shifted—and could mean a higher tax bill for you or your beneficiaries.
NOT A MEMBER YET?
SUBSCRIBE TO GET ALL OF OUR
GREAT ARTICLES AND RESOURCES!
CURRENT EDITION
How to Deal with Huge Tax Debt
The only thing scarier than owing Uncle Sam a lot in taxes is being unable to pay the bill. Luckily, the Internal Revenue Service has ways for you to whittle what you owe. Just make sure which method works for you, depending on such factors as the size of your tax debt and what you can afford to pay and when. Don’t panic. Here’s how individual taxpayers can proceed – and what to watch out for.
Client Retention Strategies for Accountants: Building Long-Term Relationships
Client acquisition is crucial for business growth in the fast-paced accounting world. However, retaining existing clients is equally important, if not more so. Servicing long-term client relationships is a testament to your firm’s reliability and is critical to sustained success. My first client is still with me, now more than seven years. Our relationship has grown and changed over time but has also strengthened.
Loyalty and commitment are two of my core values. I’m always looking to provide value to my prospects and clients to attract and retain them long-term. However, some clients do not fit those values, and I have decided to forgo working with them.
I believe that attracting and retaining the right clients starts with your mission, vision, and core values. However, it is also essential to have effective client retention strategies to ensure clients remain loyal and satisfied for the long haul.
Health Savings Accounts vs Flexible Spending Accounts
With the rising cost of healthcare, our clients are looking to save money where they can, especially if they can save money on their healthcare costs and taxes at the same time. As their trusted advisor, you can offer them a basic understanding of what savings tools are available to your clients. Some of the tools available will come in handy if there is a minor unexpected tax bill this spring.
That is why today we’re going to look at the triple tax advantaged health savings account (HSA) and the health flexible spending account (FSA). We’ll look at what they are, who is eligible to open one, and how they can save your clients money each year.