John C. Fitzgerald, CPA warns taxpayers against tax aggressive programs.

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) October 31, 2007 -- No one likes to pay taxes and many search out new strategies in an effort to reduce their income taxes.

On the other side, Tax Attorneys, Insurance Companies, Investment companies and Financial planners have known for years that they can attract new clients if they can come up with a better and unique way of reducing income taxes. Just about all the major firms at one time or another have come up with new and better ways to reduce taxes and of course, right behind them has been the IRS to either approve or shut down the programs that have been created.

Since 2001, the IRS has aggressively searched out and scrutinized these programs. Unfortunately, it's usually after many taxpayers have already gotten involved with these programs.

One thing to keep in mind when looking at a program that promises to reduce your taxes, has it already been challenged by the IRS and is their IRS tax code supporting the deduction. If it isn't clear, avoid the program altogether.

I've seen so many programs that originally were legal, but later ruled illegal by the IRS, that it just doesn't make sense to get involved with one that hasn't gone through the fire with the IRS.

Another thing to know is that once the IRS rules a program illegal, it's often difficult to get any of the promoters of these programs to come to your defense for getting involved since they possibly face criminal indictments for their participation. I even had one life insurance agent deny he even sold a program without having legal representation to advise him.

Therefore, if you get into one of these programs or if you're in one now, get out of it or stay away from it. If it blows up with the IRS knocking at the door, you'll be on your own and the experts that told you it was legal will be no where to be found.

Only go with those programs that have been tested by the IRS like the IRA's, Roth IRA's, etc.

John C. Fitzgerald CPA     John Fitzgerald CPA     reduce taxes.     tax strategies