Home Tax Deductions That You May Qualify For
If you own a home and want to save money on taxes, you can do so with a few home improvement
projects. By adding value to your home and making it more livable for you and future residents, you can enjoy specific tax savings (financial calculators here
). That said, it’s not wise to simply choose randomly.
Instead, you will need to know what you can deduct and what you can’t deduct.Solar and other energy:
Now, if you are in a warm climate or you get a lot of sun, you should consider solar panels. With this, you can enjoy free or cheap electricity as you won’t have to spend huge amounts of cash paying the electric company. Not only that, depending on your locale, you may be able to sell your electricity back to the provider, which means you can make money from your solar panels. Luckily, there are generous subsidies and tax deductions, which is ideal for long term residence.Home office:
If you have a home office and you spend time working from home to run a business, you may get a deduction. Not only that, if you work from home for your job, you can probably write off additional costs. Obviously you can write off costs for your Internet, utilities and electronic devices, but you can also write off costs for adding on to the house to have a home office. Finally, if you have clients come to your home, you can write off costs that you incur to make it a more tolerable place for people to come to your business. This can include things like draperies, shades, or blinds and shutters.Energy efficient appliances:
Keeping green is not easy, and you will have to spend more money in the short-term if you want to do your part to protect the planet. However, due to generous write-offs and tax breaks, you can save a lot of cash if you buy energy efficient appliances. Not only that, consumers usually enjoy them more as they are well-made and last a long time. Finally, with this type of appliances, you can get more for your house in the future if you decide to sell it as people love energy efficient appliance since they save homeowner money.Medical upgrades:
Finally, if you need to change your house to make it easier to live in due to an illness or old age, you can save some money on your taxes. Think about it, as we all age, it’s important to make a house more livable. When doing so, many opt to change their bathtub for a safer version or even add a life to go up the stairs. While these are costly additions, they are often necessary as people who can’t live without them are going to struggle mightily. Luckily, not only can you make sure you live in a safe house, but you are going to save money on taxes as state and local governments provide subsidies and allow people to deduct the costs on their taxes. In the end, one should not upgrade just to save money on taxes, but it’s certainly something to consider.
Without a doubt, if you own a home, you will want to understand that you can save money on your
taxes by deducting some of your normal costs. However, be careful as you don’t want to make mistakes and pay a fine to the IRS or local tax authorities.
This post was contributed by Proctor Drapery and Blinds
. They have been serving St. Louis with shutters
, drapery, shade, and blind services for over 35 years.