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Tag Archives: BozoTaxTips
Bozo Tax Tip #5: 300 Million Witnesses Can’t Be Right!
For tax bloggers like myself, the saga of Richard Hatch was a godsend. His antics were, well, remarkable. One tip I can give any celebrity: Be careful about your taxes. The IRS loves going after Bozo tax celebrities. So here’s … Continue reading
Bozo Tax Tip #6: Remitting Sales Tax Is an Unnecessary Activity
Imagine you are running a business. Times are tough and you need to make some serious cuts in expenses to stay afloat. Or perhaps you are just greedy. In any case, let’s suppose you neglect to pay your payroll tax. … Continue reading
Bozo Tax Tip #7: Hot Air
Congress has decided to legislate through the Tax Code. There are hundreds of tax credits that now exist. These range from the Earned Income Credit, education credits, child tax credits, and adoption credits. Some of these credits, such as the … Continue reading
Bozo Tax Tip #8: The $0.78 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 #9: Honey, You Don’t Exist!
I had just completed the return for a long-time client, and he asked the question, “Does my being married change my return?” I said it did, and asked when he got married; he responded, “Last Valentine’s Day.” It must be … Continue reading
Bozo Tax Tip #10: Email You Social Security Number, ITIN, or EIN!
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 thirteenth year in … Continue reading
Bozo Tax Tip #1: Not Remitting Payroll Taxes
A couple of years ago, I received a visit from a member of the IRS’s Criminal Investigation unit. It turns out a client, call him Larry, had worked for a company that decided to not remit payroll taxes. The loss … Continue reading
Posted in IRS, Payroll Taxes
Tagged BozoTaxTips
Comments Off on Bozo Tax Tip #1: Not Remitting Payroll Taxes
Bozo Tax Tip #2: The Eternal Hobby Loss
The goal of must businesses is to make money. There aren’t many businesses that can lose on each sale and make it up in volume. In fact, I don’t know of any. But I digress…. So let’s take Sam and … Continue reading
Bozo Tax Tip #3: Foreign Trusts
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
Bozo Tax Tip #4: 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