Tag Archives: BozoTaxTips

Bozo Tax Tip #2: They Shoot Jaywalkers, Don’t They?

Posted on July 12, 2020 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 →

Posted in FINCEN | Tagged , | Comments Off on Bozo Tax Tip #2: They Shoot Jaywalkers, Don’t They?

Bozo Tax Tip #3: Lie to Your Tax Professional

Posted on July 10, 2020 by Russ

Like almost all tax professionals, we use an Engagement Letter. The Engagement Letter has grown from one page to three pages. Some of this relates to items that my attorney wants on the document; some of the growth is from … Continue reading →

Posted in Tax Preparation | Tagged | Comments Off on Bozo Tax Tip #3: Lie to Your Tax Professional

Bozo Tax Tip #4: Procrastinate!

Posted on July 9, 2020 by Russ

Today is July 10th. The tax deadline is just five days away. What happens if you wake up and it’s July 15, 2020, and you can’t file your tax? File an extension. Download Form 4868, make an estimate of what … Continue reading →

Posted in IRS | Tagged | Comments Off on Bozo Tax Tip #4: Procrastinate!

Bozo Tax Tip #5: Who Needs to Pay Employment Taxes?!?

Posted on July 8, 2020 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 →

Posted in IRS | Tagged | Comments Off on Bozo Tax Tip #5: Who Needs to Pay Employment Taxes?!?

Bozo Tax Tip #6: The $0.55 Solution

Posted on July 7, 2020 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 →

Posted in IRS | Tagged | Comments Off on Bozo Tax Tip #6: The $0.55 Solution

Bozo Tax Tip #7: Nevada Corporations

Posted on July 6, 2020 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 →

Posted in California, Nevada | Tagged | Comments Off on Bozo Tax Tip #7: Nevada Corporations

Bozo Tax Tip #8: Amend Rather than Extend

Posted on July 5, 2020 by Russ

Last week I spoke with one of my clients, Liz, who wanted to file her return immediately. She’s getting a large refund, and she’d like it now. The problem is she participates in ten partnerships, and one of those ten … Continue reading →

Posted in Tax Preparation | Tagged | Comments Off on Bozo Tax Tip #8: Amend Rather than Extend

Bozo Tax Tip #9: Let Your IRS Notice Age Like Fine Wine

Posted on July 2, 2020 by Russ

My brother is a wine connoisseur. As all my friends know, I’m anything but a wine aficionado. But I have learned one difference between fine wine and a notice from the IRS: Wine can age very well but IRS notices … Continue reading →

Posted in IRS | Tagged | Comments Off on Bozo Tax Tip #9: Let Your IRS Notice Age Like Fine Wine

Bozo Tax Tip #10: Email Your Social Security Number

Posted on July 1, 2020 by Russ

Earlier this year I stated I wouldn’t run my Bozo Tax Tips for the 2020 Tax Season. A friend persuaded me that I should, that the world needs some humor. So we’re going to run them now that the tax … Continue reading →

Posted in IRS | Tagged | Comments Off on Bozo Tax Tip #10: Email Your Social Security Number

Bozo Takes a Year Off

Posted on March 18, 2020 by Russ

Every year I’ve posted my Bozo Tax Tips. I will not be posting them for the 2020 Tax Season. There are too many serious issues going on, and I think it’s best to focus on the serious issues tax filers … Continue reading →

Posted in Taxable Talk | Tagged | Comments Off on Bozo Takes a Year Off