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
Remember, Influencers, the IRS Follows You Too!
The influencer marketing industry was able to grow during Covid as many advertisers had to adjust or cancel their marketing campaigns. This was because more people were sitting at home consuming content on social media. This new opportunity for smaller influencers has created a new group of taxpayers who need to know their new filing obligations. They’ll also be open to tax planning strategies that you have to help them reduce their tax liability.
Hobby Loss Regulations And Loper Bright
For me, the most exciting Tax Court opinion of 2025 was Judge Joseph Goeke’s supplement to his 2024 opinion in the case of Gary M. Schwarz. With a $1,851,878 tax deficiency, it is the largest hobby loss opinion since 2019. (The really big dollar cases tend to settle.)
Consult, Don’t Convince: Turning Discovery Calls into Advisory Opportunities
The most successful accountants aren’t the ones who pitch the hardest, they’re the ones who listen the most. When you ask better questions, you can diagnose problems that clients didn’t even know they had, which then helps us clarify outcomes instead of listing services. When we shift from “convincing” to “consulting,” discovery calls stop being “sales” conversations and start becoming advisory conversations. And advisory conversations naturally lead to advisory engagements.
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.
