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Author Archives: Russ
Bozo Tax Tip #8: Use a Bozo Accountant
I’ve come to the conclusion that everything in life is normally distributed. You may remember the normal distribution from a class you took on probability theory. It’s the bell curve. Most things are in the middle, but some are outliers … Continue reading
Bozo Tax Tip #9: The 44¢ Solution
With Tax Day fast approaching it’s time to look into the Bozo method of courting disaster. And it doesn’t, on the surface, seem to be a Bozo method. After all, this organization has the motto, Neither rain nor snow nor … Continue reading
Bozo Tax Tip #10: Use Consecutive Social Security Numbers When Cheating the IRS
It’s time for our annual rundown of Bozo Tax Tips, strategies that you really, really, really shouldn’t try. But somewhere, somehow, someone will try these. Don’t say I didn’t warn you. Here’s a repeat for the third year: Let’s thank … Continue reading
Posted in Taxable Talk
Tagged BozoTaxTips
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Annual Blog Hiatus
With just about 2½ weeks left before Tax Day, it’s time for my annual blog hiatus. I’ve written my annual top ten Bozo Tax Tips (they’ll start appearing in a couple of days), but between now and April 15th my … Continue reading
Posted in Taxable Talk
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Why I’m an Hour South of Los Angeles
There was a small blurb on the Internet today: “New LA law cuts Internet business taxes.” Los Angeles has a gross receipts tax. When I was in the telecommunications industry, I relocated a business from Sherman Oaks (part of Los … Continue reading
Posted in California
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Not All Publicity Is Good Publicity
There’s an old saying, “All publicity is good publicity.” Sometimes, though, it’s not. Especially if you’re a Bozo. Take Scott Mitchell, the owner of Central Iowa Amusements. Mr. Mitchell’s company got some good words in the Des Moines Register; his … Continue reading
Specifics Trumps General in Gambling Losses for Taxes
Congress writes the Tax Code. That leads to many situations where there’s conflicting language between two sections of the Code. Section 162(a) allows for the deduction of necessary and ordinary business expenses. Section 165(d) limits gambling losses to the amount … Continue reading
Posted in Gambling
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A Companion to Tax Trouble
After ranting on health care, it’s time for the lighter side of taxes. That means a visit to that old standby, the escort service, where tax trouble is apparently second nature. Let’s head to Salt Lake City where companionship appeared … Continue reading
Why I’m Against This Health Care Bill
Most tax professionals I know want a limited government and limited taxation. The measure that the House will likely approve tonight will be disastrous in so many ways. First, there are twenty new taxes in the measure. I’ve talked about … Continue reading
Posted in Legislation
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Unearned Income Tax in New Healthcare Bill Will Impact Gambling
The new healthcare legislation contains plenty of taxes. One especially bad one is a new 3.8% tax on unearned income above $200,000. This will have a very bad impact on amateur gamblers. When I last looked at the bill, the … Continue reading