There's still time to complete a few things which can reduce the amount you pay for income taxes this year. Your house not only shelters you from the elements but it can also provide some unexpected tax savings in some cases. The tail end of the year brings often cold weather but it can also be a great time for some last-minute home improvements.
Here are some possible ways to use your house to reduce your taxes:
If someone in your home needs a wheelchair then you may be able to modify your house and the cost may be fully deductible. Medical related home additions: Your home must be a place where you can remain healthy. You will almost definitely need to work with an accountant to be sure health home improvements are eligible for tax deductions before you start any project.
Improving your home's energy savings: The federal government is pushing energy efficient home upgrades with a lot of different tax incentives. Upgrading to energy friendly doors, windows or water heaters may all be eligible special tax credits. Making your home more green can save you some serious green!
Home loan interest paid: For most homeowners the annual interest that is paid on a home loan is tax deductible. If you're looking to buy a new home then you may be eligible for the new home buyer's tax program
. Even the interest paid on a HELOC could be tax deductible in some cases.
You can usually take advantage of these tax deductions all through the year. You'll need to keep detailed records and not lose any receipts or required paperwork. Before you begin any home improvement for tax reasons you should consult with a a tax expert.
Looking for more easy ways to save money with your house? You can read about more home improvement tax credits
and even learn how to do some easy home improvement projects on your own!
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