Sacramento CPA
916-864-4CPA
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Tax Tips are not a substitute for legal, accounting, tax, investment or other professional advice. Always consult with your trusted accounting advisor before acting upon any Tax Tip.
Tax Tips are not a substitute for legal, accounting, tax, investment or other professional advice. Always consult with your trusted accounting advisor before acting upon any Tax Tip.
Facts and Figures
*Mortgage Interest--In a new case, a couple put a home in a trust but remained liable for the mortgage. They rented out the home to tenants who agreed to pay the mortgage, repairs and insurance. The Tax Court said that the tenants should be treated as equitable owners of the home. Result: Even though the payments were called "rent," the tenants can deduct a portion as mortgage interest.
*Innovative Ideas--A recent nationwide study surveyed more than 3,000 successful entrepreneurs to find out where innovation comes from. The study showed that visionary leaders are more likely than ordinary people to ask "what if" questions. Based on their findings, the researchers suggest that business owners spend about 15 to 30 minutes a day jotting down questions that challenge the corporate status quo.
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TAX ADVICE DISCLAIMER: In accordance with IRS Circular 230, any tax advice included in this communication, including attachments, is not intended or written to be used, and cannot be used by you or any other person or entity, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, nor may any such advice be used to promote, market or recommend to another party any transaction or matter addressed within this communication. If you would like such advice, please contact us.
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916-864-4CPA