Monthly Archives: April 2014

Bozo Tax Tip #1: The Eternal Hobby Loss

Posted on April 14, 2014 by Russ

The goal of must businesses is to make money. There aren’t many businesses that can lose on each sale and make it up in volume. In fact, I don’t know of any. But I digress…. So let’s take Sam and … Continue reading →

Posted in IRS, Taxable Talk | Tagged , | 1 Comment

Bozo Tax Tip #2: Hot Air

Posted on April 13, 2014 by Russ

Congress has decided to legislate through the Tax Code. There are hundreds of tax credits that now exist. These range from the Earned Income Credit, education credits, electric vehicle credits, and adoption credits. Some of these credits, such as the … Continue reading →

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Bozo Tax Tip #3: Be Suspicious!

Posted on April 10, 2014 by Russ

Another repeat, but one that is a continual issue with cash business. It may be “cash and carry,” but cash is taxable in all ways. And cash reporting (or lack thereof) can be a problem. Anyway, let’s be suspicious: Given … Continue reading →

Posted in Taxable Talk | Tagged | 1 Comment

Bozo Tax Tip #4: Honey, You Don’t Exist!

Posted on April 9, 2014 by Russ

Ah, Spring is in the air. And with that come the inevitable wedding invitations. I had an invitation to a wedding on April 5th. No, I didn’t attend. With weddings comes changes in tax status. Your marital status on December … Continue reading →

Posted in Taxable Talk | Tagged | 1 Comment

Bozo Tax Tip #5: Procrastinate

Posted on April 7, 2014 by Russ

Today is April 8th. The tax deadline is just seven days away. What happens if you wake up and it’s April 15, 2013, and you can’t file your tax? File an extension. Download Form 4868, make an estimate of what … Continue reading →

Posted in Taxable Talk | Tagged | 1 Comment

Bozo Tax Tip #6: Just Don’t File

Posted on April 6, 2014 by Russ

We’re running some repeats, but there is some new Bozo material coming. It’s just that people keep trying the same things over and over again. It’s tough to avoid the tax system. There are currency transaction reports (cash transactions of … Continue reading →

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Yes, Online Poker Players Must Pay Taxes

Posted on April 3, 2014 by Russ

The Las Vegas Review Journal has a short article on the fact that online poker players must pay taxes. The article notes that winning players must pay taxes; of course, both winners and losers are supposed to include their winning … Continue reading →

Posted in Gambling, Nevada | 1 Comment

Bozo Tax Tip #7: Ignoring California

Posted on April 3, 2014 by Russ

Yesterday I looked at the idea of forming a Nevada Corporation while in California and being able to avoid California taxes. It doesn’t work. Today’s focus is on something that comes up now and then and applies to trusts. Let’s … Continue reading →

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Bozo Tax Tip #8: Nevada Corporations

Posted on April 2, 2014 by Russ

A repeat follows, but it’s one again getting a lot of play due to business conditions in California. While I’m focusing on California and Nevada, the principle applies to any pair of states. Nevada is doing everything it can to … Continue reading →

Posted in California, Nevada | Tagged | 1 Comment