Are you building a new home?
There are tax breaks available for people in this situation. They come in the form of tax deductions and tax credits. A credit is used to reduce the amount you pay, and a deduction reduces your total taxable income.
Here are some of the tax write-offs available to you now.
Did You Pay Interest on a Construction Loan?
If you took out a construction loan to build your home, then chances are you paid interest on that loan.… Read the rest
Do you want to reduce your tax bill this year? You can maximize your tax savings by checking to see if you’re eligible to claim any of the new expanded tax credits.
The difference between a tax credit and a deduction is a deduction reduces your taxable income, whereas credits reduce the amount of tax you pay directly.
Refundable credits are even better because they can reduce your tax bill even if the credit is worth more than you owe. Non-refundable credits are only valid up to the amount you owe.… Read the rest
Tax season is going to be here before you know it. Therefore, now is the time to ensure that you have completed all of the energy-efficient upgrades to your home.
Having an energy-efficient home will save money on your bills and pay less money in taxes. Learn how you claim home energy tax credits if you qualify.
Non-Business Energy Property Credit
You can get a 30% credit for your energy-efficient improvements. Things that fall under this category include:
- Water heaters
- Electric heat pumps
- Central air conditioners
- Natural gas, propane, or oil water heaters
- Qualified oil furnaces
- Qualified oil hot water boilers
- Some air-circulating fans
- Insulation that reduces heat loss or gains
- Exterior windows, skylights, or doors
- Storm windows and doors
- Solar panels
- Metal and asphalt roofs that reduce heat loss or gain
Residential Energy Efficient Property Credit
This energy tax credit will allow you to have a 30% credit for the alternative energy equipment that you have installed.… Read the rest