Tag Archives: BozoTaxTips

Bozo Tax Tip #1: Everyone Gets the Employee Retention Credit, Right?

Posted on April 14, 2023 by Russ

“Russ,” a client began, “Don’t I qualify for that Employee Retention Credit (ERC) that I keep hearing about?”  I told him he didn’t–his business grew during the Pandemic and he didn’t meet the requirements.  Yes, it’s not free money for … Continue reading →

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Bozo Tax Tip #2: Cash Isn’t Taxable

Posted on April 13, 2023 by Russ

I haven’t run this Bozo Tax Tip in a few years, but it reared its head again just a couple of weeks ago (as you read this). A new client came into my office for the preparation of his tax … Continue reading →

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Bozo Tax Tip #3: We Don’t Need No Stinkin’ Basis

Posted on April 12, 2023 by Russ

If there’s one issue in tax that tax professionals have trouble explaining to clients it’s basis. Your basis in an entity is, generally, the total of your investment in an entity plus income it generated less any distributions from it. … Continue reading →

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Bozo Tax Tip #4: Procrastinate!

Posted on April 11, 2023 by Russ

Today is April 11th. The tax deadline is just seven days away. What happens if you wake up and it’s April 18, 2023, 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 #5: Publicize Your Tax Crimes on Social Media!

Posted on April 10, 2023 by Russ

Social media is really, really big these days. You can follow me on Twitter. I may even update my Facebook page one of these days. Of course, I’m not a tax criminal, and my posts hopefully add knowledge for others. … Continue reading →

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Bozo Tax Tip #6: The $0.63 Solution

Posted on April 7, 2023 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 #7: Withhold, but Don’t Remit, Your Employment Taxes!

Posted on April 6, 2023 by Russ

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 →

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Bozo Tax Tip #8: Use a Foreign Trust to Avoid Taxes!

Posted on April 5, 2023 by Russ

One of 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 →

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Bozo Tax Tip #9: Nevada Corporations or LLCs

Posted on April 4, 2023 by Russ

As we continue with our Bozo Tax Tips–things you absolutely, positively shouldn’t do but somewhere someone will try anyway–it’s time for an old favorite. Given the business and regulatory climate in California, lots of businesses are trying to escape taxes … Continue reading →

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Bozo Tax Tip #10: Email Your Social Security Number or EIN!

Posted on April 3, 2023 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 tenth year in … Continue reading →

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