Author Archives: Russ

Bozo Tax Tip #2: 300 Million Witnesses Can’t be Right

Posted on April 15, 2007 by Russ

For a tax blogger, people like Richard Hatch are wonderful. Hatch, for those who don’t remember, was the winner of the first Survivor and won $1 million. About 300 million individuals worldwide saw Hatch take down the $1 million. Hatch … Continue reading →

Posted in Tax Preparation | Tagged , | Comments Off on Bozo Tax Tip #2: 300 Million Witnesses Can’t be Right

Things Could be Worse…

Posted on April 15, 2007 by Russ

It’s a parody (of course), but it reminds us what confiscatory tax rates are like…. Hat Tip: AllahPundit (via HotAir)

Posted in Canada | Comments Off on Things Could be Worse…

Bozo Tax Tip #3: Nevada Corporations

Posted on April 14, 2007 by Russ

California is not a low-tax state. The corporate tax rate is 8.84% for C Corporations (1.5% for S Corporations); both must pay a minimum $800 tax each year. If I’m in my car for any appreciable length of time, I’ll … Continue reading →

Posted in Tax Preparation | Tagged | Comments Off on Bozo Tax Tip #3: Nevada Corporations

Bozo Tax Tip #4: Structure Your Transactions

Posted on April 14, 2007 by Russ

When I was in college, I was taught that there is a right way journal entries should be written and many wrong ways. There’s an appropriate structure to a journal entry, and you want to make sure you keep the … Continue reading →

Posted in Tax Preparation | Tagged | Comments Off on Bozo Tax Tip #4: Structure Your Transactions

Bozo Tax Tip #5: Just Don’t File

Posted on April 12, 2007 by Russ

A few weeks ago, I had lunch with a friend who is a fellow tax preparer. He told me a story of “Abe.” This Abe definitely wasn’t like Honest Abe. He had gone fifteen years without filing a tax return. … Continue reading →

Posted in Tax Preparation | Tagged | Comments Off on Bozo Tax Tip #5: Just Don’t File

Bozo Tax Tip #6: Add Some Phony Deductions

Posted on April 10, 2007 by Russ

A few years ago, a prospective client came to me. He had used Western Tax Service, and the IRS was about to audit him. Western, for those unfamiliar with them, had a great way of attracting clients: they invented phony … Continue reading →

Posted in Tax Preparation | Tagged , | Comments Off on Bozo Tax Tip #6: Add Some Phony Deductions

The Legislature Likes New Taxes

Posted on April 10, 2007 by Russ

One of the blogs that I read is the FlashReport, a blog on California’s politics. They’ve alerted me to some of the tax proposals being circulated in the Legislature. Not surprisingly, all are being sponsored by Democrats. Global Warming/Greenhouse Gases … Continue reading →

Posted in California | Comments Off on The Legislature Likes New Taxes

Bozo Tax Tip #7: Barter Your Way to No Taxes

Posted on April 10, 2007 by Russ

Have you heard about Kyle McDonald, the guy who bartered his way from one red paperclip to a house in Saskatchewan? Yes, barter can do that for you. Say you have a box of binders you don’t need. Meanwhile, your … Continue reading →

Posted in Tax Preparation | Tagged | Comments Off on Bozo Tax Tip #7: Barter Your Way to No Taxes

Crime Blog

Posted on April 8, 2007 by Russ

Another week, some more bites out of crime in the tax world. We’ll hit both coasts today, and even have some pot tax news. First, a man in Racine, Wisconsin apparently liked my Bozo Tax Tip #8. Yep, he allegedly … Continue reading →

Posted in Tax Evasion | Comments Off on Crime Blog

Illinois Casino Tax Ruled Unconsitutional

Posted on April 8, 2007 by Russ

Last year, Illinois added a new tax to help the horse racing industry. The tax required Chicago-area casinos that make over $200 million a year to remit 3% of their gross revenues to a fund benefiting Illinois’ nine horse racing … Continue reading →

Posted in Gambling, Illinois | Comments Off on Illinois Casino Tax Ruled Unconsitutional