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Tax Deduction Consulting: Unknown Tax Deductions Bountiful UT

The Internal Revenue Code is not for the timid. It an amazing and complex body of rules and regulations that often poses more questions than it answers. This is true for even the most dedicated tax professional. There are two definitions that might be applied to unknown tax deductions. They are either ones that you just flat do not know exist or they might be ones that you just do not if they will fly with the IRS until you try them.

Mr. A. Wayne Margetts (RFC®), LUTCF
(801) 532-1871
175 S Main St, Ste 1050
Salt Lake City, UT
Company
LPL
Qualifications
Education: BSc (Math)MBA
Years of Experience: 16
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
H&R Block
(801) 294-7998
75 E 2200 S
BOUNTIFUL, UT

Data Provided by:
H&R Block Premium
(801) 355-4649
888 S 200 E STE B
SALT LAKE CITY, UT

Data Provided by:
SC ACCOUNTING TAX SERVICES LLC
(801) 652-8755
408 S 900 W SLC - UT 84116
SLC, UT
 
H&R Block
(801) 832-8932
2356 S FOOTHILL dr
SALT LAKE CITY, UT

Data Provided by:
Mr. Gregory W. Williams (RFC®), CFP, CHFC, CLU, LUTCF, MSFS
(801) 453-2271
6340 South 3000 East, Suite 500
Salt Lake City, UT
Company
Exit Strategy Specialists, LLC
Qualifications
Years of Experience: 26
Membership
IARFC, MDRT, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Charitable Planning, Education Plan, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Liberty Tax Service
(866) 871-1040
366 S 500 E
Salt Lake City, UT

Data Provided by:
H&R Block Inside Sears Downtown
(801) 532-0610
754 S STATE ST
SALT LAKE CITY, UT

Data Provided by:
Liberty Tax Service
(866) 871-1040
1132 E 3300 S
Salt Lake City, UT

Data Provided by:
H&R Block
(801) 262-0758
4871 S STATE ST
MURRAY, UT

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Tax Deduction Consulting: Unknown Tax Deductions

Unknown Tax Deductions

There may never have been any written body of laws, codes, and regulations quite as complex and contradictory as the Internal Revenue Code. Unknown tax deductions abound within it, and often trail and error is the only way to discover them.

The Internal Revenue Code is not for the timid. It an amazing and complex body of rules and regulations that often poses more questions than it answers. This is true for even the most dedicated tax professional. There are two definitions that might be applied to unknown tax deductions. They are either ones that you just flat do not know exist or they might be ones that you just do not if they will fly with the IRS until you try them.

The first group is a bit easier to understand. There are just so many things involve in deductions and the regulations that govern them that no one is going to be able to know them all. The average taxpayer, of course, is not even aware of a fraction of them. This also applies to the poor small business owner who is trying to show that all of that profit that he is being taxed on somehow did not make its way into his bank account. This is why there are tax preparation firms and tax professionals. They are trained in how to ferret out every possible deduction that might be applicable. So, what may be unknown tax deductions to one person is the stock in trade to another.

The other groups of unknown tax deductions are a little more tricky. These are the ones that might or might not be allowed by the IRS. In some cases, it is simply a matter of not knowing until you try. The motto of the tax preparer might very well be, "no guts, no glory." It is important to remember an important fact of tax deductions. If you claim a deduction, in good faith, and it is disallowed, you will not go to jail or hell. All that happens in this case is that your deduction is not allowed and your tax liability is recalculated. Since this is the case, it makes sense to try.

It is not a good idea to take this concept to extremes, however. A good rule of thumb is to not mess with the IRS. The inclusion of some questionable deductions on a tax return is liable to trigger a much closer look at the entire return. No one likes an audit and more often than not, an audit turns up a lot of items that need a little tweaking and adjustment. However, sometimes it is worth a try.

There is a case of the gas station owner who gave free beer to his customers and claimed it as a business deductio...

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