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TO REDUCE TAX?
New tax reduction strategies carefully explained and exhaustively researched every two weeks. Receive breaking news updates on tax law changes. Members only monthly AMA with TOTTB.tax.
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FEATURED CONTENT
Is the Residential Clean Energy Credit Worth It?
Have you ever gone into a dealership to purchase a car? It’s been a while for me, but one of the things that keeps me from vehicle shopping is just how difficult it is to ascertain the actual price of the vehicle. The salesperson wants to run a credit check and then talk to you about how much payment you can afford. They want to factor rebates and trade-in value of your existing vehicle to the payment they quote you without ever telling you what you are paying for the car. The entire negotiation often becomes about the monthly payment (regardless of the term of the loan) rather than the car’s price. Indeed, personal finance websites almost always recommend negotiating the three aspects of your car purchase separately: the vehicle’s price, the trade-in amount for your vehicle, and the financing. Otherwise, you run the risk of both buying more car than you can afford and being upside down in the loan (owing more on the vehicle than the vehicle is worth) shortly after you make the purchase. What does this have to do with the expansion of the Residential Clean Energy Credit, you ask? More than you might think. My husband, after talking to a neighbor, recently decided to start shopping for solar panel systems with the idea of saving money on (or largely eliminating) our monthly power bills. What followed was a crash course in residential solar energy sales and the associated economics.
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CURRENT EDITION
The Wild West of Employee Retention Credits (ERC): Outlaws, Deputies, and Cowboys
Gather ’round, pardners! The Employee Retention Credit (ERC) has been the latest gold rush in the tax frontier, drawing business owners, tax deputies, and even a few sly outlaws. But as the dust settles, the IRS—our law keeping sheriff—is on the hunt for any who might’ve bent the rules. In this frontier of finance, knowing who’s who can keep you out of trouble as the IRS rounds up dubious claims.
Selected Techniques to Monetize Tax Attributes
In the prior article “Tax Trends in M&A and What It Means for Your Clients,” we had discussed certain techniques to, e.g., maximize net operating loss (“NOL”) and interest expense deduction utilization in the context of M&A transactions. This article examines certain additional strategies to monetize expiring, latent, or otherwise disallowed tax attributes.
Do Those Tricks Really Work?
On the website for Axium Wealth, Charles Dombek tells us that: “Most CPAs are historians that tell their clients how much they make, how much they owe, when and where to file their taxes, and oftentimes how to write large checks at the last minute when you least expect.” When it comes to Axium, though: “We help clients recover dollars they unnecessarily pay in State and Federal income taxes.” Axium also helps clients diversify capital into off-market passive real estate and alternative investments. Before Axium, there was The Optimal-Financial Group LLC. Of course many of the readers of Think Outside The Tax Box are CPAs, or EAs or others who both help their clients be compliant and advise on ways to minimize their liability. When I was practicing I would call the things I might suggest my “bag of tricks.”
SIMPLIFIED TAX STRATEGIES &
PRACTICAL IMPLEMENTATION
Think Outside the Tax Box provides tax reduction strategies along with practical
implementation advice in order to reduce your clients’ federal tax bill with ease.
