Otherwise, you'll save more tax dollars by foregoing the home mortgage interest deduction and claiming the standard deduction instead. Complete Schedule A and compare the total of your itemized deductions to your standard deduction to find out which method is most advantageous for you.
How long a patent lasts depends on the type of patent being issued and the country issuing the patent. For example, under recent changes in the laws, in the United States, patents are now granted for a term of 20 years from the date of application (14 years for design patents).
What is Intellectual Property? Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce. IP is protected in law by, for example, patents, copyright and trademarks, which enable people to earn recognition or financial benefit from what they invent or create.