Tag Archives: BozoTaxTips

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 →

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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 →

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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 →

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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 →

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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 →

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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 →

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Bozo Tax Tip #1: We Don’t Need No Stinkin’ Basis

Posted on April 12, 2019 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 #2: We Don’t Need No Stinkin’ Employees (Especially Because We’re Lawyers)

Posted on April 11, 2019 by Russ

A few years ago, I first heard about the law firm that had no employees. Now, I can imagine a small firm of, say, three or four partners, with no clerical staff as a possibility. However, having dealt with enough … Continue reading →

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Bozo Tax Tip #3: Only Income Earned Outside the US Is Taxable

Posted on April 10, 2019 by Russ

A few days ago I was explaining to a client the basics of the US Tax Code: All income is taxable unless Congress exempts it; nothing is deducible unless Congress allows it. That’s the basics. My office is in Las … Continue reading →

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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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