LOOKING FOR LEGAL WAYS
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
Inflation Reduction Act Clean Vehicle Credit
Get $7,500 when you buy your Telsa with this new tax credit. President Biden signed the Inflation Reduction Act (IRA) on August 16th, 2022, and the misinformation started circulating almost immediately. I’ve seen it, you’ve seen it, and this means that our clients have seen it as well. It’s our job to help them navigate these new laws to help them maximize their tax savings. Taxpayers have been able to save on their taxes by buying an electronic vehicle (EV) since 2008 . So, the tax savings are nothing new. How the tax savings work has been completely revised under the IRA. That’s where you come in as an expert advisor. The maximum credit for all clean vehicles is now $7,500. A new credit was even added under the IRA to make used EVs eligible for a tax credit. But here is the thing, battery size no longer matters. The assembly, production, and taxpayer income does matter. Not understanding the changes made to Section 30D can cost you and your client. Your client can pay an unexpected additional $7,500 at tax time and you lose a client. Or you can stay the hero, saving them $7,500. I want you to stay the hero so let’s look at the qualifications for the $7,500 under the Inflation Reduction Act.
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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.
