Tag Archives: BozoTaxTips

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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Bozo Tax Tip #1: No Tax Form, No Income!

Posted on April 15, 2022 by Russ

A new client was on the phone with me last week: “Russ, I just found out that I don’t get a tax form for the income I earn.  That means I don’t have to report it, right?” This individual is … Continue reading →

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Bozo Tax Tip #2: Anger Your Tax Professional!

Posted on April 14, 2022 by Russ

If you are a tax professional living in Las Vegas, and you’re interested in working for me for the 2023 Tax Season (2022 tax returns filed in 2023)–or you are in Las Vegas and you’re interested in becoming a tax … Continue reading →

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Bozo Tax Tip #3: Ignore Cryptocurrency!

Posted on April 13, 2022 by Russ

Right underneath your name and address (and your spouse’s name) on Form 1040 is this question: “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?” All taxpayers must … Continue reading →

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Bozo Tax Tip #4: They Shoot Jaywalkers, Don’t They?

Posted on April 12, 2022 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 →

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