With tax season here and now, there are some options you can leverage throughout the year to help when filing your taxes. You may not have performed these 5 Tax Tips for Homeowners, however you can learn from these tips for next year’s filings.
In addition to these 5 Tips, home projects can also help your tax situation. If you buy a home and want to include your projects into the initial mortgage, this can help with interest fees when filing your taxes. Energy efficiency enhancements and medical enhancements made to the home for disabilities or elder care also offer some tax advantages. To learn more about these project tips, refer to this blog with Intuit’s TaxTurbo.
You may be someone who works from home with a home office. Depending on the use of your home office and the specific tax laws, you may be able to deduct part of your rent of mortgage to help manage your business aspects.
Building a great relationship with your tax accountant to discuss the details about your financial picture and specifically discussing any home related activities could help your tax accountant properly understand what is deductible in your state and what can be considered for the future.