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Tax Deduction Consulting: Unknown Tax Deductions Hockessin DE

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.

Keith Al-Chokhachy, Certified Financial Planner(tm)
2751 Centerville Road
Wilmington, DE
Company
Title: Certified Financial Planner"
Company: Morgan Stanley Smith Barney
Years Experience
Years Experience: 8
Service
Captive Insurance,Life Settlements,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rol

Data Provided by:
Bill Curry
1521 Concord Pike
Wilmington, DE
Company
Company: Curry Poole Group, LLC
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
BS
MBA
JD
Years Experience
Years Experience: 42
Service
Pension for Highly Compensated Owners,Stock Market Alternative,Reverse Mortgage,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Portfolio Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Man

Data Provided by:
Brian K. Lureen (RFC®), CHFC, CLU
(610) 889-2066
5 Great Valley Pkwy Ste 334
Malvern, PA
Company
Heritage Advisory Services, Inc.
Qualifications
Education: BS
Years of Experience: 21
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CommOptions, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, BuySell, Compensation Plans

Data Provided by:
Globe Income Tax Service
(302) 998-2256
2116 Kirkwood Hwy
Wilmington, DE
 
Eller Tax Service
(302) 656-4787
2303 Lancaster Ave
Wilmington, DE
 
Joan L. Sharp (RFC®), CFP, CHFC, MSFS
(302) 324-5363
42 Reads Way
New Castle, DE
Company
Life Strategies, LLC
Qualifications
Education: BAMSFS
Years of Experience: 8
Membership
IARFC, FPA, SFSP
Services
Invoice, Estate Planning, Retirement Planning, Tax Planning, Charitable Planning, Asset Protection, Compensation Plans

Data Provided by:
Frank M. Levy (RFC®), CHFC, CLU
(302) 765-3500
205 Philadelphia Pike
Wilmington, DE
Company
Diversified Financial Consultants
Qualifications
Years of Experience: 34
Membership
IARFC, MDRT
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Asset Protection, Compensation Plans

Data Provided by:
H&R Block
(302) 999-8100
2407 KIRKWOOD HWY
WILMINGTON, DE

Data Provided by:
Eller Michael Income Tax Service
(302) 652-5916
724 N Union St
Wilmington, DE
 
H&R Block
(302) 656-7212
106 S UNION ST
WILMINGTON, DE

Data Provided by:
Data Provided by:

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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