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- December 10, 2024
In The Headlines Using A.I. to fight A.I.—Meta plans to use facial recognition to protect users from celebrity-bait scams.
What's New In The Tax World?Inauguration Day may also be new tariffs day as Trump returns to the White House.
State-By-State Updates.California’s governor queues up a tax credit for zero-emission vehicles.
Tax Planning Tips
READ MOREAround 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...
Around the Tax World- June 29, 2022
World NEWS - New IRS voice bots can assist callers with setting up or changing payment plans...
U.S. NEWS - President Biden calls on Congress to establish a national gas tax holiday...
STATE NEWS - Virginia finalizes a two-year budget with $4 billion in tax cuts...
TAX PLANNING - The IRS announces that the end is in sight for backlogged 2021 tax returns...
Around the Tax World- June 8, 2022
World NEWS - The tax fraud investigation surrounding the Trump Organization continues...
U.S. NEWS - States’ attempt to provide relief to taxpayers may be contributing to rising inflation...
STATE NEWS - Virginia votes to adjust its budget plan to include $4 billion in tax relief...
TAX PLANNING - Using cryptocurrency as compensation raises tax issues for employees and employers alike...
Around the Tax World- May 27, 2022
World NEWS - The global minimum tax deal struggles to move toward implementation...
U.S. NEWS - US technology and innovation sectors may see tax breaks in new bill aimed at reducing reliance on China...
STATE NEWS - Minnesota legislators plan to eliminate state taxes on Social Security income...
TAX PLANNING - The IRS is expected to pay interest to taxpayers with delayed tax refunds...
NOT A MEMBER YET?
SUBSCRIBE TO GET ALL OF OUR
GREAT ARTICLES AND RESOURCES!
CURRENT EDITION
A Compendium Of Year End Tax Tips
As summer turns to fall, the leaves turn and houses start being decorated, the air becomes crisper and the internet fills with year-end tax tip pieces. I call them tip sheets. I just love reading tip sheets, but I’m retired from active practice. Somebody who doesn’t have time on their hands might look at two or three and figure they have seen it all and didn’t learn anything they didn’t know already. I’m here to tell you that if you keep hunting, you might find some gems. But better than that, I will share what I have found in the event you don’t have the time or inclination to look at another twenty or thirty tip sheets.
CTA on Pause! What Tax Pros Need to Know About the Nationwide Injunction and BOI Reporting
On December 3, 2024, a U.S. District Court judge issued a nationwide preliminary injunction prohibiting FinCEN from enforcing the Corporate Transparency Act (CTA) and its associated Reporting Rule. This injunction halts the January 1, 2025, deadline for Beneficial Ownership Information (BOI) reporting, leaving many tax professionals and business entities questioning their compliance obligations. However, this pause is temporary. The government has already filed an appeal, and the injunction could be modified or overturned at any time. FinCEN has acknowledged that reporting companies are not currently required to file BOI reports but may do so voluntarily.
How to Help Your Clients Lower Their Student Loan Payments
There are roughly 42.7 million federal student loan borrowers as of Q4 2024, creating an opportunity to provide additional insight to your clients beyond tax preparation. By leveraging certain tax and repayment strategies, you can help your clients reduce their tax liability and lower their student loan payments in one strategic swoop. Here’s how.
