Author Archives: Russ

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 →

Posted in IRS | Tagged | Comments Off on Bozo Tax Tip #5: Procrastinate!

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 →

Posted in FINCEN, International | Tagged | Comments Off on Bozo Tax Tip #6: They Shoot Jaywalkers, Don’t They? (Or Ignoring the FBAR)

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 →

Posted in Tax Court | Tagged | Comments Off on Bozo Tax Tip #7: Be Frivolous

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 →

Posted in International | Tagged | Comments Off on Bozo Tax Tip #8: The Shell

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 →

Posted in California, Nevada | Tagged | Comments Off on Bozo Tax Tip #9: Nevada Corporations

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 →

Posted in IRS | Tagged | Comments Off on Bozo Tax Tip #10: Email Your Social Security Number

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 →

Posted in Gambling, Oklahoma | Comments Off on Oklahoma Limits Itemized Deductions; Big Hit for Amateur Gamblers

Annual Blog Hiatus

Posted on March 20, 2019 by Russ

It’s time for our annual blog hiatus. We’ll be back after April 15th. Our annual series of Bozo Tax Tips will come out beginning April 1st, and if something truly remarkable happens in the tax world between now and April … Continue reading →

Posted in Taxable Talk | Tagged | Comments Off on Annual Blog Hiatus

Can a California or Massachusetts Professional Gambler Take a Business Loss on His or Her State Tax Return?

Posted on March 19, 2019 by Russ

The Tax Cuts and Jobs Act (TCJA) eliminated the ability of a professional gambler to take a loss on his Schedule C based on his business expenses; Congress specifically overrode the Mayo v Commissioner decision. But what about state taxes? … Continue reading →

Posted in California, Gambling, Massachusetts | Comments Off on Can a California or Massachusetts Professional Gambler Take a Business Loss on His or Her State Tax Return?

March 15th Tax Deadlines

Posted on March 14, 2019 by Russ

Tomorrow, March 15th, is the first big tax deadline day. There are three tax deadlines on Friday: First, partnership and S-Corporation returns are due. If your return isn’t completed, file an extension (Form 7004). If you file by mail, use … Continue reading →

Posted in IRS | Tagged | Comments Off on March 15th Tax Deadlines