Author Archives: Russ

Tax Foundation Releases 2012 Business Tax Climate Index; California, New York and New Jersey at the Bottom

Posted on January 25, 2012 by Russ

The Tax Foundation released their 2012 State Business Tax Climate Index today. And it was no surprise to see the bottom three composed of California, New York and New Jersey. These states have high taxes overall (California adds high regulatory … Continue reading →

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Illinois: Proving Laffer Correct

Posted on January 22, 2012 by Russ

Arthur Laffer popularized the Laffer curve. The father of Supply Side Economics noted that in many cases, increasing the tax rate decreases the amount of tax revenues. It appears that Illinois is proving Dr. Laffer correct. Moody’s just downgraded Illinois’ … Continue reading →

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Heaven Can’t Wait

Posted on January 22, 2012 by Russ

My understanding is that we can’t take it with you: Our worldly possessions won’t be with us in the hereafter. One Florida man believes he is already a resident there, and is thus exempt from trivialities such as the income … Continue reading →

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Browns’ Convictions Upheld

Posted on January 20, 2012 by Russ

Tax protesters Edward and Elaine Brown were convicted in 2007 of tax evasion. They were sentenced to spend some time at ClubFed. Instead of reporting to prison, they decided to barricade themselves in their New Hampshire home. After a stand-off … Continue reading →

Posted in Tax Evasion | 1 Comment

It Pays to Read the Lease

Posted on January 19, 2012 by Russ

Today the Tax Court looked at whether a rental was passive or active. But there was a major difference from most such cases: The taxpayer claimed his lease was passive while the IRS thought it was not passive. Most of … Continue reading →

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A Good Way to Get to ClubFed: Finance Porn Distribution and Don’t Report the Income

Posted on January 18, 2012 by Russ

If you want to paint a recipe for heading to ClubFed, Carolynne Tilga of Santa Fe, New Mexico couldn’t do it any better. First, begin by investing in a business that’s likely illegal: Distributing pornography over the Internet. Yes, the … Continue reading →

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Illinois Mayor Sentenced for Not Filing Tax Returns

Posted on January 18, 2012 by Russ

Joseph Cook has been the mayor of Channahon, Illinois since 2003 (Channahon is southwest of Chicago). Given Illinois politics, he has likely helped his reelection campaign by admitting he committed a crime. He was sentenced yesterday to two years probation … Continue reading →

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Ignoring Tax Advice and then Suing the Attorney who Gave the Advice Isn’t Brilliant

Posted on January 16, 2012 by Russ

Let’s assume you talk to your attorney, and he advises you that you should create a reserve fund for taxes. Usually, it’s a good idea to listen to your attorney. If you don’t like his opinion, perhaps get a second … Continue reading →

Posted in Florida, Gambling | Tagged , | 2 Comments

The Black Hole Continues: California Faces an $8 – $21 Billion Deficit

Posted on January 15, 2012 by Russ

When I read one report stating that California is looking at an $8 billion deficit (that’s Governor Brown’s projection), I was quite happy I’m now a resident of Nevada. And then I read Chriss Street’s report that says the deficit … Continue reading →

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January Tax Deadlines: Estimated Payments on Tuesday

Posted on January 15, 2012 by Russ

The first of the January deadlines is upon us. Estimated tax payments (Form 1040-ES) are due by Tuesday, January 17th. That’s a postmark deadline. As always, I strongly recommend certified mail, return receipt requested.

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