We loved this article from Credit Karma and wanted to share. There are lots of perks of being a homeowner, and some tax write offs are just one of them! Here are a few ways to get the most of those benefits.
- STAY ORGANIZED
Find a system that works for you to organize tax receipts and paperwork.
2. THINK AHEAD ABOUT DEDUCTION OPTIONS
Eligible items include: home mortgage interest, state & local taxes, charitable contributions, medical expense deduction.
3. HOLD ON TO HOME IMPROVEMENT RECEIPTS
While these expenses aren’t deductible for the current year, they can help lower your tax burden when you sell.
4. TRACK YOUR HOME OFFICE EXPENSES
If you’re self-employed and work from home, you may be able to write off some expenses from the business use of your home.
5. MAKE ENERGY EFFICIENT UPDATES
The IRS allows you to take a tax credit of 26% of the cost of installing a solar energy system.
6. SAVE YOUR TAX RECORDS
Hold on to the documentation for your write offs in case of being audited.