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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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Just Good Business – Review and Shop Your Financial Accounts
The fourth quarter just started and it's time to have your clients take a look at their financial services game plan. With interest rates approaching historic highs now is the time to review financial accounts to ensure high returns on cash investments, optimize reward-bearing accounts, and minimize interest paid and fees for financial products and accounts. The goal of this review is to ensure that investments and rewards programs are tuned for optimal results and to minimize interest and fees throughout next year. I won’t be providing much in the way of specific, prescriptive advice. I am not a registered investment advisor or a certified financial planner, nor do I recommend specific products, services, or institutions (other than a subscription to this publication). Rather, I will be providing a framework for the review, encouraging you to ask good questions about the goals for the various accounts, and reminding you to consider the big picture as well as the role each part plays in it. Let’s get started!
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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.
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.
