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- November 18
In The HeadlinesStarbucks on strike: The “Red Cup Rebellion” impacts 65 coffee shops across the U.S.
What's New In The Tax World?The government shutdown has ended, but the future of health care tax credits remains uncertain
State-By-State-UpdatesDelaware’s Supreme Court rules in favor of property tax relief for New Castle County.
Tax Planning TipsRoth IRAs get a boost with higher income limits for 2026
READ MOREAround 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.
Around the Tax World – August 6, 2024
In The Headlines - Shares in gun manufacturers rose by as much as 10% in the aftermath of the Trump assassination attempt.
What's New In The Tax World? - Making up for lost taxes: the IRS collects $1 billion in back taxes from high-income taxpayers.
State-By-State Updates - Nebraska’s governor proposes a plan to bring in $1 billion in sales tax revenue.
Tax Planning Tips - The Supreme Court’s recent decision put an end to a business strategy to avoid estate tax.
Around the Tax World – July 23, 2024
In The Headlines - Shares in gun manufacturers rose by as much as 10% in the aftermath of the Trump assassination attempt.
What's New In The Tax World? - Making up for lost taxes: the IRS collects $1 billion in back taxes from high-income taxpayers.
State-By-State Updates - Nebraska’s governor proposes a plan to bring in $1 billion in sales tax revenue.
Tax Planning Tips - The Supreme Court’s recent decision put an end to a business strategy to avoid estate tax.
Around the Tax World – July 9, 2024
In The Headlines - Over 100,000 Americans lost access to their own funds due to the bankruptcy of banking-as-a-service platform Synapse.
What's New In The Tax World? - The IRS releases its final tax reporting rules for cryptocurrency
State-By-State Updates - Could rundown properties be subject to extra taxes in Georgia?
Tax Planning Tips - Will Biden’s corporate tax proposals make the cut?
Around the Tax World – June 25, 2024
In The Headlines - Boeing and Airbus are facing a federal investigation over the possible use of fake titanium.
What's New In The Tax World? - Partnerships must say goodbye to a tax loophole, while the IRS says hello to $50 billion in revenue.
State-By-State Updates - Illinois’ new $53.1 billion state budget is expected to bring in $1.2 billion in new tax revenue.
Tax Planning Tips - Struggling with skyrocketing property taxes? These states have seen a decrease over the past decade.
Around the Tax World – June 11, 2024
In The Headlines - Spotify is upping their subscription costs—and stock investors are responding favorably.
What's New In The Tax World? - Republicans hustle to assemble a new tax package in preparation for the election.
State-By-State Updates - California lawmakers are debating where online sales tax revenue should be funneled.
Tax Planning Tips - Do you qualify for an automatic extended tax filing deadline of June 17th? Make sure you understand which rules apply for you.
NOT A MEMBER YET?
SUBSCRIBE TO GET ALL OF OUR
GREAT ARTICLES AND RESOURCES!
CURRENT EDITION
This Is The Only Other Year-End Tax Tip Guide You Need
So as I did last year, I have reviewed a multitude of year-end tax tips articles. One of them is a real standout that you should be sure to check out. If you missed it, you should definitely roll back to the November 15 edition and go over Dominique Molina’s piece, which focuses on what you need to do sooner rather than later in response to OBBBA. It provides more detailed, relevant, actionable advice that you won’t see anywhere else than any of the multitude of pieces I have reviewed. As for the rest, I will give you a basic rundown of what I call the SOSO (same old, same old) and a few suggestions that stand out as different that I will get into a little more along with some thoughts of my own.
The Corporate Vault: How to Use a C Corporation to Stockpile Cash for the Future
When most people think about saving for the future, their minds jump to retirement accounts—401(k)s, IRAs, maybe even defined benefit plans. But business owners have another option that often goes overlooked: using a C corporation as a strategic savings vehicle. By leveraging the flat 21% corporate tax rate, smart income shifting, and careful timing of distributions, business owners can “stockpile” cash inside a corporation, building wealth for future use without the red tape of traditional retirement plans. Want to see how top tax strategists legally use C corporations as private retirement vaults while avoiding double taxation and IRS scrutiny? Continue reading to learn the blueprint.
When TikTok Tax Hacks Backfire: Helping Clients Misled by Social Media Scams
Jessica, a self-employed consultant, was thrilled when she found a viral TikTok video promising a “little-known” tax trick. The video claimed she could get a huge refund by claiming a special Fuel Tax Credit and even writing off her family’s beach vacation as a business expense. Following the advice, Jessica filed an amended tax return and waited eagerly for a windfall. A few months later, instead of a refund check, Jessica received a stern IRS notice. Her so-called credits were disallowed, her refund was denied, and she now faced penalties. Jessica isn’t alone. Every tax season, well-intentioned taxpayers get lured by false tax advice on social media, only to end up in trouble. As tax professionals, we often meet panicked clients like Jessica who need our help to untangle the mess.
