Tax Deduction Consulting: Unknown Tax Deductions Hockessin DE
Title: Certified Financial Planner"
Company: Morgan Stanley Smith Barney
Years Experience: 8
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Company: Curry Poole Group, LLC
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Heritage Advisory Services, Inc.
Years of Experience: 21
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Life Strategies, LLC
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Diversified Financial Consultants
Years of Experience: 34
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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...