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.
WE PUBLISH TAX STRATEGIES FOR…
FEATURED CONTENT
Finally – SALT Cap Workarounds to Bypass Schedule A Limits
Ever since TCJA passed, taxpayers in high income tax states have been wincing each time they see the $10,000 limitation appearing on Schedule A. But while the law included this $10,000 state tax deduction limit for individuals , it did not include a limit for partnerships, S, or C corporations. To clarify the deduction’s limitation, the IRS issued a notice blessing an entity-level tax and accordingly, many states have implemented such a tax. This allows you the ability to bypass the $10,000 limit on Schedule A and deduct the state taxes paid as a business expense. As of this writing, 19 states have passed what are known as “pass-through entity taxes,” but there are pros and cons to using this loophole. If you are the owner of a pass-through entity and pay more than $10,000 each year in state taxes, this workaround may increase the state tax deduction beyond the limit. Keep reading to learn how.
Read More
CURRENT EDITION
Summertime Marketing in Your Tax & Accounting Firm
Tax season is prosperous, summer is dry until extension season. Do you find yourself in that cycle? Clients are “easy” to get during tax season when taxes are top of mind. Then the direct deposits go dry by June, and you are looking for what’s next. Stop the search, you don’t have to add another service. You need better marketing to highlight the service that you offer and specialize in. This will allow you to have a predictable client pipeline. You can do tax preparation, planning, and or representation all year long.
Observations on the House-Passed OBBB
This article focuses on the OBBB from the House offering a variety of observations to help understand the range of changes, relevance to compliance and planning, process considerations and some unexpected provisions. While the final OBBB will not include all of the House provisions or will modify some of them, there are lessons to learn to understand the tax legislation process and results now and in the future.
Client Retention as a Prospecting Strategy: Turning Current Clients into Referral Sources
In the competitive accounting world, where trust and reliability are paramount, client retention is not just a success metric—it’s a vital strategy for sustainable growth. For Certified Public Accountants (CPAs), accountants, and bookkeepers, maintaining a solid relationship with existing clients can unlock new business opportunities, turning satisfied clients into powerful referral sources.
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.
