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 – April 25, 2024
In The Headlines - Samsung edges out Apple as the top phonemaker worldwide.
What's New In The Tax World? - Biden publicly releases his tax returns as presidential candidates continue the conversation on tax policy
State-By-State Updates - Californians living in San Diego county get an extended tax deadline
Tax Planning Tips - Could the expanded Child Tax Credit still manifest in 2024?
READ MOREAround 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.
Around the Tax World – July 25, 2023
In The Headlines -Barbie’s box office debut is expected to rake in as much as $500 million...
What's New In The Tax World? - As universities see an end to affirmative action, they may also see the beginning of higher taxes
State-By-State Updates - As Californians cut back on smoking, early childhood programs may see their funding plummet.
Tax Planning Tips - Over 800,000 student loan borrowers will be eligible for loan forgiveness
Around the Tax World – July 11, 2023
In The Headlines -Love him or hate him, Elon Musk is seeing record sales at Tesla…
What's New In The Tax World? - ATTN: Next Tax Scam Victim — See Details About the Latest Tax Refund Scam Inside
State-By-State Updates - Pennsylvania seniors may see property tax rebates in their mailboxes soon…
Tax Planning Tips - Lawmakers are looking to boost the Child Tax Credit with both an increase and a new “baby bonus.”
Around The Tax World- June 27, 2023
In The Headlines - Ryan Reynolds banks $1.35 billion after the sale of his latest business venture…
What's New In The Tax World? - The Tax Wars Rage on: Higher Standard Deduction vs. Expanded Child Credit, Small Business Tax Breaks vs. Clean Energy Tax Cuts… Who Will Win?
State-By-State Updates - California’s “mansion tax” is resulting in a surplus of vacant luxury homes worth over $5 million each…
Tax Planning Tips - How “stealth” taxes can impact retirees—and how to avoid them.
Around The Tax World- June 9, 2023
World NEWS - Alaska is making plans to tax online car sharing platform Turo…
U.S. NEWS - Cities in Tennessee, Texas, and Oklahoma rank as the most tax-friendly for high-income earners
STATE NEWS - New Jersey debates expanding property tax relief for seniors…
TAX PLANNING - Taxpayers who withdrew IRA funds during COVID-19 are running out of time to claim a tax refund.
Around The Tax World- May 25, 2023
World NEWS - The Supreme Court rules that the IRS does not need to give notice to third parties when requesting bank records…
U.S. NEWS - The IRS is developing a free electronic tax filing system that could replace commercial options
STATE NEWS - Texas legislators advance a bill that would change property tax limits…
TAX PLANNING - In 2023, the IRS flagged over 1 million tax returns as potentially fraudulent.
Around The Tax World- May 9, 2023
World NEWS - A group of U.S. Senators push the IRS to take action against AI-generated tax scams…
U.S. NEWS - New York and California tax revenue took a hit during COVID-19 as high-income earners moved to low-tax states
STATE NEWS - The Minnesota Senate passed a $4 billion tax bill…
TAX PLANNING - The deadline is approaching for the 1.5 million taxpayers with an unclaimed 2019 tax refund to file their return.
Around The Tax World- April 20, 2023
World NEWS - President Joe Biden proposes increased taxes on the wealthy to fund Medicare…
U.S. NEWS - The Biden administration released new rules limiting which electric vehicles are eligible for tax credits
STATE NEWS -Massachusetts advances a $1.1 billion tax package…
TAX PLANNING - Early filers may need to file an amended tax return if they reported certain 2022 state refunds as taxable income.
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2024 Summer Education Series Event Calendar
We are so excited to announce the 2024 Summer Education Series! All summer long we will be bringing our loyal subscribers monthly webinars featuring some of the brightest minds in tax. Each webinar will feature our usual blend of high-quality education and entertainment and include continuing education credits for those who qualify. All of this is included in your regular subscription! Continue reading to see what we have in store…
Working With the IRS Now
The IRS has spent the past several months crowing about the relative ease of filing season 2023 and improvements the service has made on behalf of American taxpayers. Filing season 2024 opened on Monday, January 29 with Commissioner Danny Werfel thanking the tax professional and assuring us that “your efforts make a difference, not just for your clients, but for the IRS and the entire nation.”
Despite Werfel’s rose-colored press releases, there’s still plenty of room for improvement, especially on the tax-professional-facing side of the service.
When Does Married Filing Separately Make Sense?
If your clients are married, at this time of year they’re probably choosing to file their taxes under the status of Married Filing Jointly. But is MFJ the best move? Married folks have other options; one of them is Married Filing Separately (MFS). Despite this status sounding like someone’s dressing for divorce court, it can be useful in certain circumstances – or harmful.