Tag Archives: BozoTaxTips

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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Bozo Tax Tip #5: Procrastinate!

Posted on April 8, 2019 by Russ

Today is April 8th. The tax deadline is just seven days away. What happens if you wake up and it’s April 15, 2015, 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 #6: They Shoot Jaywalkers, Don’t They? (Or Ignoring the FBAR)

Posted on April 5, 2019 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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Bozo Tax Tip #7: Be Frivolous

Posted on April 4, 2019 by Russ

I’d love to be frivolous during tax season. But the inbox is full, the piles of paper don’t go anywhere unless I move them, and my next day off is April 16th. I can get a good laugh when I … Continue reading →

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Bozo Tax Tip #8: The Shell

Posted on April 3, 2019 by Russ

I was talking with a friend who is an attorney in the Midwest. She told me about an individual who decided to use ten layers of shell companies to hide his income. It worked so well that the Bozo had … Continue reading →

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Bozo Tax Tip #9: Nevada Corporations

Posted on April 2, 2019 by Russ

Actually, this isn’t that much of a Bozo Tax Tip. Nevada is a great state to have your business in. But the key is being in Nevada (or operating in multiple states and selecting Nevada as your corporate domicile). You … Continue reading →

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Bozo Tax Tip #10: Email Your Social Security Number

Posted on April 1, 2019 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 sixth year in … Continue reading →

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Bozo Tax Tip #1: Ignore Cryptocurrency Sales!

Posted on April 13, 2018 by Russ

Last week (as I write this), I met with a new client. He purchased a lot of cryptocurrency in 2016 but didn’t sell any of it until around Thanksgiving of 2017 (he had one small sale). He asked me if … Continue reading →

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Bozo Tax Tip #2: Who Needs to Pay Employment Taxes?!?

Posted on April 12, 2018 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 #3: Use a Foreign Trust to Avoid Taxes!

Posted on April 11, 2018 by Russ

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 →

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