Author Archives: Russ

Bozo Tax Tip #2: We Don’t Need No Stinkin’ Employees (Especially Because We’re Lawyers)

Posted on April 11, 2019 by Russ

A few years ago, I first heard about the law firm that had no employees. Now, I can imagine a small firm of, say, three or four partners, with no clerical staff as a possibility. However, having dealt with enough … Continue reading →

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Bozo Tax Tip #3: Only Income Earned Outside the US Is Taxable

Posted on April 10, 2019 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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Bozo Tax Tip #4: The $0.55 Solution

Posted on April 9, 2019 by Russ

With Tax Day fast approaching it’s time to examine yet another 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 →

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Bozo Tax Tip #5: Procrastinate!

Posted on April 8, 2019 by Russ

Today is April 8th. The tax deadline is just seven days away. What happens if you wake up and it’s April 15, 2015, 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: They Shoot Jaywalkers, Don’t They? (Or Ignoring the FBAR)

Posted on April 5, 2019 by Russ

I have, unfortunately, become quite competent in the Report of Foreign Bank and Financial Accounts. That form is better known as the FBAR. It used to have the form number TD F 90-22.1 (yes, it really did) but now goes … Continue reading →

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Bozo Tax Tip #7: Be Frivolous

Posted on April 4, 2019 by Russ

I’d love to be frivolous during tax season. But the inbox is full, the piles of paper don’t go anywhere unless I move them, and my next day off is April 16th. I can get a good laugh when I … Continue reading →

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Bozo Tax Tip #8: The Shell

Posted on April 3, 2019 by Russ

I was talking with a friend who is an attorney in the Midwest. She told me about an individual who decided to use ten layers of shell companies to hide his income. It worked so well that the Bozo had … Continue reading →

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Bozo Tax Tip #9: Nevada Corporations

Posted on April 2, 2019 by Russ

Actually, this isn’t that much of a Bozo Tax Tip. Nevada is a great state to have your business in. But the key is being in Nevada (or operating in multiple states and selecting Nevada as your corporate domicile). You … Continue reading →

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Bozo Tax Tip #10: Email Your Social Security Number

Posted on April 1, 2019 by Russ

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! This is a repeat for the sixth year in … Continue reading →

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Oklahoma Limits Itemized Deductions; Big Hit for Amateur Gamblers

Posted on March 30, 2019 by Russ

Suppose you’re an Oklahoma resident and enjoy gambling one of the many casinos in the Sooner State. You have $100,000 of gambling winnings and $100,000 of gambling losses. You itemize on your federal return anyway (you have mortgage interest, state … Continue reading →

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