Here is an article by Marielle Segarra in CFO about a new corporate tax deduction for companies with less than 500 employees:http://www3.cfo.com/article/2012/3/growth-companies_house-bill-would-cut-small-biz-taxesRemember, You can count on us to count for you!
Brian’s Tax Musings – How much Home Equity interest is deductible?
You have a maximum mortgage interest deduction on Schedule A of $1,100,000 of debt – how much can be home equity loan interest? You can deduct interest on up to $100,000 of home equity indebtedness each year; the rest of the mortgage debt has to be acquisition indebtedness. What is that? I will talk about that another day.Any questions? Call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net and ask.Remember, You can count on us to count for you!
Brian’s Tax Musings – Can you deduct points?
If you just purchased a residence or refinanced your current home and paid points, can you deduct them? On a purchase the answer is yes. They are treated as an interest deduction on Schedule A. If you refinanced your home, the answer is eventually. You have to deduct them over the life of the loan. So each year you deduct 12/360 on a thirty year loan, etc.If you have questions, call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net and we can discuss them.Remember, You can count on us to count for you!