Category Archives: IRS

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 #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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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 →

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When 35 Equals 365

Posted on January 29, 2019 by Russ

Yet another entry in the “Math Is Hard” file, again from our friends at the Internal Revenue Service. From the Washington Post comes the news that it will take the IRS between 12 and 18 months to catch-up on the … Continue reading →

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When 85% Equals 90%

Posted on January 16, 2019 by Russ

One of my favorite expressions from poker that translates into tax is, “Math is hard.” But how can 85% equal 90%? No, the two aren’t equivalent. However, this year they are equal in one aspect of taxes. The IRS announced … Continue reading →

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It’s Time to Generate Those 2018 1099s

Posted on January 15, 2019 by Russ

It’s time for businesses to send out their annual information returns. These are the Form 1099s that are sent to to vendors when required. Let’s look first at who does not have to receive 1099s: Corporations (except attorneys) Entities you … Continue reading →

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Fourth Quarter Estimated Tax Payments Due Today

Posted on January 15, 2019 by Russ

Today is January 15th. That means your fourth quarter estimated tax payments are due today. It’s a postmark deadline, so if you pay by mail, download Form 1040-ES, print voucher #4, enclose your check payable to “United States Treasury” (write … Continue reading →

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IRS to Open Tax Season on Monday, January 28th

Posted on January 8, 2019 by Russ

The IRS announced yesterday that the 2019 Tax Season will begin on Monday, January 28th: Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers … Continue reading →

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Tax Refunds May Be Issued During Government Shutdown

Posted on January 7, 2019 by Russ

Vice President Pence announced today that the IRS would issue tax refunds during the government shutdown. The Wall Street Journal reported this earlier today, but it’s unclear what the legal justification would be. Speculation (by the Journal) is that the … Continue reading →

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