Entrepreneurial Cardiologist Denied Real Estate Pro Status By Tax Court
One of my mentors in public accountant once gave me some advice about the lease or buy issue. It is dated, because back in the day there was an investment credit. He said he once went through the analysis in depth considering all the factors. After that whenever a client called him to ask about a lease buy decision, he would tell him to buy and charge him a hundred dollars. (Back in the day a hundred dollars, was , you know, a hundred dollars.) When you lease you get to deduct whatever you pay throughout the term of the lease. When you buy you take depreciation deductions over the life of the property and deduct the interest payments as they occur. You don’t deduct the principal payments (Although you do in a sense, because of your depreciation deductions). It ends up being about timing.
Kent Hovind Not Facing Trial On Monday
Robert Baty's facebook site Kent and Jo Hovind v IRS has the text of a government motion to dismiss the remaining counts on Kent Hovind and Paul Hansen's indictment....
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.