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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- February 10, 2025
In The HeadlinesIs DeepSeek the wave of the future of A.I.—or a threat to data security?
What's New In The Tax World?Will Trump’s $4 trillion tax cut plan prevail? Not without progress on reducing the national deficit
State-By-State UpdatesIdaho lawmakers aim to tackle rising property taxes.
Tax Planning TipsAvoid an audit by making sure these important forms are submitted.
READ MOREAround 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...
Around the Tax World- September 27, 2022
World NEWS - Tesla aims for U.S. tax breaks by looking into battery cell production stateside…
U.S. NEWS - The Inflation Reduction Act’s biggest tax changes impact homeowners and business owners...
STATE NEWS - The Illinois Family Relief Plan features income and property tax rebates...
TAX PLANNING - Which home upgrades could qualify for the new Inflation Reduction Act tax rebates...
Around the Tax World- September 7, 2022
World NEWS - The IRS accidentally made private data publicly accessible for about 120,000 taxpayers...
U.S. NEWS - President Biden’s student loan relief could be taxed in certain states...
STATE NEWS - Idaho approves one-time tax rebates and introduces a new flat tax rate...
TAX PLANNING - Eco-conscious consumers could qualify for over $10,000 in tax credits and rebates under the Inflation Reduction Act...
Around the Tax World- August 25, 2022
World NEWS - The CFO of the Trump Organization confesses to unlawfully taking over $1.7 million in untaxed benefits...
U.S. NEWS - President Biden signs the $430 billion Inflation Reduction Act along with its provision for a corporate minimum tax...
STATE NEWS - Indiana residents are anticipating Automatic Taxpayer Refund checks...
TAX PLANNING - Taxpayers who earn more than $10 in interest from a savings account are required to pay income tax—with a few exceptions...
Around the Tax World- August 8, 2022
World NEWS - Pop singer Shakira could face up to eight years in prison for tax fraud...
U.S. NEWS - Democrats’ new economic package receives pushback from Senator Kyrsten Sinema, blocking the latest set of federal tax proposals...
STATE NEWS - Colorado taxpayers will start seeing rebate checks this month…
TAX PLANNING - State taxes on digital goods are becoming increasingly common, requiring advance planning for companies...
Around the Tax World- July 27, 2022
World NEWS - A proposed levy on Disneyland tickets fails to move ahead...
U.S. NEWS - Debate brews over Democratic lawmakers’ proposal for the IRS to launch a free tax filing service...
STATE NEWS - A watchdog group in Utah is speaking out about the use of the state’s surplus revenue...
TAX PLANNING - For higher-income taxpayers, Social Security taxes could increase due to the rising wage ceiling...
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CURRENT EDITION
Leaving the United States, Part III: Dual Citizenship
In Part I of this three-part series, we discussed the implications and taxes for American expatriates. In Part II we turned our attention to renouncing citizenship. Here in Part III, we will consider the halfway point of dual citizenship. And as you would expect, taxes are a serious consideration.
Reflecting On Rothing
I have been dissatisfied with most of the articles that I have read about what I call Rothing, i.e. foregoing a deduction for retirement savings with the prospect of tax-free distributions in the future or taking the tax hit on a deferred account to convert it to a tax-free account. The articles generally have a pro-Roth bias. Suze Orman, for example, swears by Roths. They also tend to not have numbers in them. What I am going to do here is to reflect on the idea of Rothing and discuss what I see as some key numbers. I’m not going to dive deep into technical issues.
Considering a Historic Building for Your Business? These Tax Credits are Good News
Historic buildings make a beautiful location for doing business. Unfortunately, many of them may seem out of the price range of small business owners. But, that’s not necessarily the case. The state and federal governments have an interest in preserving these properties, and they are willing to give you tax credits for buying and restoring a historic building. The credits reimburse a large proportion of your restoration costs. This really is a great incentive to go for a building that will give your company a unique and professional feel.
