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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- 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 – May 28, 2024
In The Headlines - Ryan Reynolds turns his entrepreneurial energy toward the world of sports.
What's New In The Tax World? - The IRS is cracking down on large partnerships and companies are evaluating how to prepare.
State-By-State Updates - California is poised to become the first state to levy an excise tax on guns and ammunition.
Tax Planning Tips - The list of vehicles that qualify for the EV tax credit is constantly shifting—which ones qualify now?
Around the Tax World – May 8, 2024
In The Headlines - The Biden administration faces another lawsuit battle against the Chamber of Commerce. The topic? Non-compete clauses.
What's New In The Tax World? - New guidelines for clean energy tax credits will impact electric vehicles, aviation fuel, and monetization of tax credit transfers.
State-By-State Updates - Colorado approves a tax reform package that includes changes to income tax, sales tax, and state revenue refunds.
Tax Planning Tips - Biden’s proposal to tax unsold assets is met with pushback.
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?
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.
Around the Tax World – March 21, 2024
In The Headlines - Will the U.S. become a TikTok-free zone?.
What's New In The Tax World? - A $78 billion tax bill passes the House but hits walls in the Senate
State-By-State Updates - Colorado residents may be eligible for an $800 refund this tax season.
Tax Planning Tips - Is your property tax bill astronomical? Consider whether you can appeal your property tax assessment.
Around the Tax World – March 7, 2024
In The Headlines - H&R Block and TurboTax have been accused of “deceptive advertising” by the FTC.
What's New In The Tax World? - The IRS levels up on cryptocurrency tax compliance with the help of two former crypto executives.
State-By-State Updates - Kansas shuts down a $1.6 billion tax cut package including a flat income tax rate of 5.25%
Tax Planning Tips - Planning your retirement? Consider these states with the lowest tax rates.
Around the Tax World – February 22, 2024
In The Headlines - Who will win in the battle between The New York Times and OpenAI?
What's New In The Tax World? - The popular EV tax credit has yielded $135 million in reimbursements for automotive dealers this year.
State-By-State Updates -California considers a ballot initiative that would limit local and state governments’ ability to raise taxes.
Tax Planning Tips - If you have long-term care insurance, keep in mind these tax deduction limitations.
Around the Tax World – February 8, 2024
In The Headlines - Super Bowl LVIII means record-breaking ticket prices for football fans and revenue spikes for Las Vegas small businesses.
What's New In The Tax World? - To file or not to file? With new proposed tax breaks coming up fast, the IRS urges taxpayers to move ahead with their tax returns
State-By-State Updates -A Connecticut task force tries to bid farewell to the state’s car tax.
Tax Planning Tips - With TJCA tax provisions soon to expire, 2024 will be a crucial year for tax planning.
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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.
