Home & Garden : Common Home Improvement Tax Credits
|
By: JT Miller
 
Date Submitted: 2010-03-09 07:59:16 - Article Views: 20129
|
|
If you're a homeowner who pays income taxes in the United States you may know that there are a multitude of costs and expenses you can deduct from your taxable income to reduce your taxable income and save money each year. Sure, you can usually deduct the amount of interest you pay on your mortgage or home equity loans, but there are also a multitude of home expenses and upgrades you can also tax off your income taxes if you meet certain criteria.
Many home improvements and home upgrades can be counted towards lowering your income if you meet some special requirements. Sometimes you need to run a business and meet clients and customers in your home to qualify for these deductions and credits, but there are other deductions you can use even if you don't work out of your home.
Lawn Care Tax Deduction - Yes, if you run a business out of your home and you meet clients then you may be able to deduct things like lawn care and landscaping costs as a business expense. You probably won't be able to deduct the entire amount, but rather, you would have to deduct part of the cost in proportion to how much your business and home share the same space.
Swimming Pool Tax Deduction - Tax courts have ruled that a portion of swimming pool expenses can be deducted from your taxes if there is a solid medical reason to have a pool. In one case a gentleman with low lung capacity used a swimming pool to exercise and increase his breathing strength. Since he used the pool more than his family he was allowed to deduct part of the cost as a medical expense.
Tax Credit for New Windows - If you're planning to upgrade and replace your home's old windows with new energy efficient ones, now's the time to do it. There are now tax credits in place for the 30% of the cost of eligible windows, up to $1,500 for the next two years.
It's always a good idea to take copious photos and keep as much information about each home improvement you perform on your house anyway, because those items may become necessary if you ever have a problem or wish to sell your house in the future. There are lots of details and criteria for some of these deductions and you may want to speak to a qualified tax expert before embarking on a home improvement.
The rules for income taxes and tax deductions are always changing, so it might be beneficial to speak with a qualified tax professional about your home improvements to find out of you qualify for special deductions or credits. A little planning can save you a lot of money on your taxes. |
|
|
 Author Resource Required for Reprint:
Still haven't done your taxes? Did you do any work on your home last year? You might be eligible for a home improvement tax credit when you're filing your taxes this year! Distributed by Content Crooner
|
|
Article Source:
Echievements
Back to Top
|
Tags:
home improvement  tax credit tax deduction income taxes |
|
|
Bookmark and Share
|
|
 Home & Garden Category Rss Feed |
-
Do you want to make a specific fashion statement that is unique to your personality? Then bracelets for women are the simplest way to achieve whatever fashion statement you are aiming for.
Viewed: 1 Times.
Read More ...
-
Most homeowners take great pride in their homes and enjoy adding features to enhance the home and the rooms. If you are decorating a room in your home, you want to make sure furniture, color, and other items enhance and compliment one another. Decorating your windows with blinds is a popular way to enhance a home as blinds can add elegance and style to the room.
Viewed: 1 Times.
Read More ...
-
There was a time when people used only cloth diapers for their babies. Then one day the disposable versions were invented and everything changed. These are put on the baby until used after which the parent is required to undo the tabs, pull off, roll in a ball, and discard it into the trash can.
Viewed: 2 Times.
Read More ...
-
Families will love your Christmas game ideas. Then make as many copies of your game as there are guests at your party, so that everyone can play.
Viewed: 2 Times.
Read More ...
-
These are the 2 biggest advantages of going with the wind turbine kit for your home.
Viewed: 2 Times.
Read More ...
|
|
| JT Miller's Author Feed |
-
A little preventative maintenance around your house this spring can save lot of money in the long run. These simple DIY projects are inexpensive and can really add to your home's curb appeal.
Viewed: 91 Times.
Read More ...
-
Improving your looks can actually increase how much you are paid at your job.
Viewed: 115 Times.
Read More ...
-
Did you know that New Jersey is the only state that has put a tax on certain medical procedures?
Viewed: 116 Times.
Read More ...
-
Some ways of improving your changes of getting a home improvement loan even if you have a bad credit score
Viewed: 118 Times.
Read More ...
-
Examines the pros and cons of those air duct vacuuming services that claim cleaner ducts means you are breathing safer air in your home.
Viewed: 122 Times.
Read More ...
|
|
Article use is considered your agreement of our Terms of Service.
This work is licensed under a
Creative Commons Attribution-No Derivative Works 3.0 United States License.
Thanks for visiting Echievements
Copyright © 2008 - 2011 Echievements
Back to Top
|
Print
