Kerry M. Kerstetter, CPA (referred to as The Tax Guru by other CPAs around the country) helps capitalists, investors & small business owners win the tax game. See www.TaxGuru.org for much more detailed info.
Please note that Kerry does not personally agree with every item included here; but passes them along for the benefit of the readers' understanding of the varied viewpoints on the issues being discussed.
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Tax Guru-Ker$tetter Letter
Saturday, April 03, 2004
From MSN Money
Make a mistake? You can make amends - While not all items can be changed on an amended return, most can.
How refinancing costs you at tax time - It's never a good idea to pay out more just to get higher tax deductions. The biggest mistake I see regarding refinances, especially with most tax pros, is that they spread out (amortize) the deduction over the nominal life (15 to 30 years) rather than the more realistic expected lifespan of the loan (3 to 5 years), which I have been doing for decades. Both methods are technically correct, but mine results in larger deductions sooner than the more common wimpier method.
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/03/2004 02:47:00 PM Send this post:
