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Gerald & Group:
I am currently working with Ted Tessor and this is my consumer
report type feedback. First, if you know you qualify for trader
status don't waste $99 for an initial consult cause that's about
all you are going to get for your money plus a video. That is to
say, about all my initial consult got me was confirming information
I already knew. In fact I sent a one page fax trying to get an answer
on tax treatment for a specific problem and as a result nothing was
accomplished. Next step, $350/hr for him to talk to my accountant.
What then ensued was a urinating contest between my accountant,
who's no hay seed, and Ted. I had to decide whether or not to
file via the conservative route or take Ted's more aggressive stance.
I decided to take Ted's advice. The tax savings is only $1,000 but
I also get the use of my money now instead of a loss carryforward
to be applied against profits for 1999 tax year. My accountant says
I am just asking for an audit. Ted says it is my right as a trader to
file under 475 and if the return is handled properly there should not
be any problems as he has filed similiar returns for 100's of other
traders. I don't know how this is going to turn out but I will say this
about Ted. If I have any further problems Ted is going to be the only
guy I would trust in the area of knowledge and competence. He
REALLY KNOWS his stuff. Let me also say that it will be much, much
easier and less expensive to just let Ted do your return. For me it
was a lot of unnecessary aggravation trying to act as a go-between.
While I don't feel comfortable about my accountant saying I am
asking for an audit I felt I had to go with trying Ted's way. After all I
paid him and I don't like the idea of paying any more than I have to--
especially if I feel like it is 'hush money' on two fronts. One, for my
accountant's peace of mind trying to avoid an audit for his sake and
two, intimidation by the IRS to get me to pay an extra $1000 for my
peace of mind. Gerald, if you like I'll keep you posted.
Charles
PS: Ted minimizes the problems of any potential audit.
-----Original Message-----
From: Gerald Marisch <gm@xxxxxxxxxxxxx>
To: Omega list <omega-list@xxxxxxxxxx>
Date: Thursday, June 17, 1999 8:32 PM
Subject: Ted Tesser
>Anyone ever had a tax returned prepared by Ted Tesser, had
>experience with techniques he advocates to minimize taxes on
>trading profits (yes, there IS such a thing called
>"...trading profits..."), tried his advice, or have an
>opinion (THAT should generate responses!) on Tesser or any
>tax-reduction strategies.
>
>Forget about "offshore" - it's too risky.
>
>Thanks in advance for any help.
>
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