Author Archives: Russ

Today Is Tax Day

Posted on April 15, 2025 by Russ

Today is April 15th.  Besides being the 14th anniversary of “Black Friday,” it’s Tax Day in the US. If you haven’t filed your returns, file an extension NOW!  That said, if you live in a federal disaster zone it might … Continue reading →

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Bozo Tax Tip #1: Not Remitting Payroll Taxes

Posted on April 11, 2025 by Russ

A couple of years ago, I received a visit from a member of the IRS’s Criminal Investigation unit.  It turns out a client, call him Larry, had worked for a company that decided to not remit payroll taxes.  The loss … Continue reading →

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Bozo Tax Tip #2: The Eternal Hobby Loss

Posted on April 10, 2025 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 →

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Bozo Tax Tip #3: Foreign Trusts

Posted on April 9, 2025 by Russ

By far the worst tax schemes in the view of the IRS are offshore (foreign) trusts. In fact, trusts of all sorts—domestic and foreign—are regularly abused. First, not all trusts are bad. Many trusts serve a legitimate purpose, such as … Continue reading →

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Bozo Tax Tip #4: Use a Bozo Accountant

Posted on April 8, 2025 by Russ

Here’s another Bozo Tax Tip that keeps coming around. The problem is, the Bozos don’t change their stripes. In any case, here are some signs your accountant might be a Bozo: – He’s never met a deduction that doesn’t fit … Continue reading →

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Bozo Tax Tip #5: Procrastinate!

Posted on April 7, 2025 by Russ

Today is April 7th. The tax deadline is just eight days away. What happens if you wake up and it’s April 15, 2025, and you can’t file your tax? File an extension. Download Form 4868, make an estimate of what … Continue reading →

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Bozo Tax Tip #6: Declare More Income Than You Earned!

Posted on April 4, 2025 by Russ

Why in the world would anyone of sound mind and body declare more income than they actually earned? He or she would owe more tax, so there’s no reason to do this, right? No, there are actually two reasons people … Continue reading →

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Bozo Tax Tip #7: Honey, You Don’t Exist!

Posted on April 3, 2025 by Russ

Last week, I finished the tax return of a long-time client (call him John Smith).  We were on the phone reviewing his return and he mentioned his wife.  He was filing his 2024 tax return as “Single.”  After I congratulated … Continue reading →

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Bozo Tax Tip #8: Publicize Your Tax Crimes on Social Media!

Posted on April 2, 2025 by Russ

Social media is really, really big these days. You can follow me on X (Twitter). I may even update my Facebook page one of these days. Of course, I’m not a tax criminal, and my posts hopefully add knowledge for … Continue reading →

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Bozo Tax Tip #9: Only Income Earned Outside the United States Is Taxable

Posted on April 1, 2025 by Russ

A few days ago I was explaining to a client the basics of the US Tax Code: All income is taxable unless Congress exempts it; nothing is deducible unless Congress allows it. That’s the basics. My office is in Las … Continue reading →

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