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Author Archives: Russ
Missouri Joins New Jersey in the Hall of Shame for Encouraging Identity Theft
Earlier this year the New Jersey Division of Taxation asked one of my clients to email documentation–including his social security number. We refused. As New Jersey’s own advice notes, emailing personally confidential information like a social security number is a … Continue reading
Posted in Missouri
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WSOP and Taxes: 2025 Update
The 2025 World Series of Poker (WSOP) begins later today here in Las Vegas at the Paris and Horseshoe hotels (the hotels are linked). There are also several other tournament series that have either begun or will soon begin at … Continue reading
Posted in Gambling
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Today Is Tax Day
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
Posted in Arkansas, California, Florida, Georgia, North Carolina, South Carolina, Tax Preparation, Tennessee
Tagged 2025.Tax.Season
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Bozo Tax Tip #1: Not Remitting Payroll Taxes
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
Posted in IRS, Payroll Taxes
Tagged BozoTaxTips
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Bozo Tax Tip #2: The Eternal Hobby Loss
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
Bozo Tax Tip #3: Foreign Trusts
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
Bozo Tax Tip #4: Use a Bozo Accountant
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
Bozo Tax Tip #5: Procrastinate!
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
Bozo Tax Tip #6: Declare More Income Than You Earned!
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
Posted in IRS
Tagged BozoTaxTips
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Bozo Tax Tip #7: Honey, You Don’t Exist!
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