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Author Archives: Russ
Taxes Matter (2018 Version), Part 1
Those on the left constantly chirp that taxes don’t matter. Those of us who prepare tax returns can state as fact you’re wrong. I moved my business because of taxes and regulations. Here are two other examples from today that … Continue reading
Posted in Legislation, New Jersey, Washington State
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Tax Deadline Extended One Day for IRS Purposes
The IRS announced late today that due to the computer issues with IRS Direct Pay and the IRS e-filing systems, that individuals and businesses with a tax deadline of today (April 17th) have an extra day, until midnight, April 18th. … Continue reading
IRS Direct Pay Down
It’s not as if today is a big day, right? IRS Direct Pay is down. This is not impacting most tax professionals efiling and initiating direct debit (the information is being sent to our software providers), but it is causing … Continue reading
Bozo Tax Tip #1: Ignore Cryptocurrency Sales!
Last week (as I write this), I met with a new client. He purchased a lot of cryptocurrency in 2016 but didn’t sell any of it until around Thanksgiving of 2017 (he had one small sale). He asked me if … Continue reading
Posted in Cryptocurrencies
Tagged Bitcoins, BozoTaxTips
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Bozo Tax Tip #2: Who Needs to Pay Employment Taxes?!?
This Bozo Tax Tip—and do remember, these are things you really, really, really shouldn’t try—is aimed at the business owner who is having troubles. Business owners, unlike the federal government, can’t just print money. So let’s assume our hypothetical business … Continue reading
Posted in Payroll Taxes
Tagged BozoTaxTips
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Bozo Tax Tip #3: Use a Foreign Trust to Avoid Taxes!
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
Posted in International
Tagged BozoTaxTips
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Bozo Tax Tip #4: Procrastinate!
Today is April 10th. The tax deadline is just seven days away. What happens if you wake up and it’s April 17, 2018, and you can’t file your tax? File an extension. Download Form 4868, make an estimate of what … Continue reading
Bozo Tax Tip #5: 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
Posted in Tax Preparation
Tagged BozoTaxPreparer, BozoTaxTips
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Bozo Tax Tip #6: The $0.49 Solution
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
Bozo Tax Tip #7: Only Income Earned Outside the US Is Taxable
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
Posted in International, Tax Evasion
Tagged BozoTaxTips
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