There is so much to think of as the year winds to a close. Two months and two major holidays to go, and you still may not have considered that your purchases during the holiday seasons could have added tax benefits. Here's an article I found, posted last year, that still holds tremendous value today! While you're at it, why not include your CPA, Financial Planner, Realtor, and all other trusted professionals from your address book, to help you determine which holiday gifts would be the best bang for your buck?! Need a little help? Just click here.
Last minute holiday gifts (with added tax benefits)
Posted in Living by Tara Sharp
The holidays are in full throttle and the year is quickly coming to an end. You have a few days left to get some last minute gifts/improvements for your home and reap the rewards of the tax benefits in your 2013 taxes. Some credits will be expiring at the end of the year, so you may not get the benefit if you wait. Here is a list of some of the home-related deductions and credits you may be able to take advantage of (be sure to check with your accountant if you have questions about eligibility for deductions and credits).
Residential Energy Property Credit:
The US government will reward certain home improvements that increase energy efficiency. If you are willing to make major improvements to your primary residence, you can get credit for 10-30 percent on some improvements. Improvements include energy-efficient windows, roofs and doors, heating, ventilation and air conditioning systems, and adding insulation, geothermal heat pumps, solar energy systems, small residential wind turbines, and residential fuel cells.
Here is the complete list of qualifying EnergyStar improvements and their associated tax credits.