Monthly Archives: April 2007

Bozo Tax Tip #1: Only Foreign Income is Taxable

Posted on April 16, 2007 by Russ

This sounds ludicrous (and it is, of course), but some tax protesters came up with this argument. And a very famous actor apparently bought it. Wesley Snipes, star of Blade and Passenger 57, went to an accountant who believes this. … Continue reading →

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Bozo Tax Tip #2: 300 Million Witnesses Can’t be Right

Posted on April 15, 2007 by Russ

For a tax blogger, people like Richard Hatch are wonderful. Hatch, for those who don’t remember, was the winner of the first Survivor and won $1 million. About 300 million individuals worldwide saw Hatch take down the $1 million. Hatch … Continue reading →

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Things Could be Worse…

Posted on April 15, 2007 by Russ

It’s a parody (of course), but it reminds us what confiscatory tax rates are like…. Hat Tip: AllahPundit (via HotAir)

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Bozo Tax Tip #3: Nevada Corporations

Posted on April 14, 2007 by Russ

California is not a low-tax state. The corporate tax rate is 8.84% for C Corporations (1.5% for S Corporations); both must pay a minimum $800 tax each year. If I’m in my car for any appreciable length of time, I’ll … Continue reading →

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Bozo Tax Tip #4: Structure Your Transactions

Posted on April 14, 2007 by Russ

When I was in college, I was taught that there is a right way journal entries should be written and many wrong ways. There’s an appropriate structure to a journal entry, and you want to make sure you keep the … Continue reading →

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Bozo Tax Tip #5: Just Don’t File

Posted on April 12, 2007 by Russ

A few weeks ago, I had lunch with a friend who is a fellow tax preparer. He told me a story of “Abe.” This Abe definitely wasn’t like Honest Abe. He had gone fifteen years without filing a tax return. … Continue reading →

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Bozo Tax Tip #6: Add Some Phony Deductions

Posted on April 10, 2007 by Russ

A few years ago, a prospective client came to me. He had used Western Tax Service, and the IRS was about to audit him. Western, for those unfamiliar with them, had a great way of attracting clients: they invented phony … Continue reading →

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The Legislature Likes New Taxes

Posted on April 10, 2007 by Russ

One of the blogs that I read is the FlashReport, a blog on California’s politics. They’ve alerted me to some of the tax proposals being circulated in the Legislature. Not surprisingly, all are being sponsored by Democrats. Global Warming/Greenhouse Gases … Continue reading →

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Bozo Tax Tip #7: Barter Your Way to No Taxes

Posted on April 10, 2007 by Russ

Have you heard about Kyle McDonald, the guy who bartered his way from one red paperclip to a house in Saskatchewan? Yes, barter can do that for you. Say you have a box of binders you don’t need. Meanwhile, your … Continue reading →

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Crime Blog

Posted on April 8, 2007 by Russ

Another week, some more bites out of crime in the tax world. We’ll hit both coasts today, and even have some pot tax news. First, a man in Racine, Wisconsin apparently liked my Bozo Tax Tip #8. Yep, he allegedly … Continue reading →

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