Yes, you just read the title of this article correctly; there are some home improvements that may actually save you money in the long run. Let’s take a look at a few home improvements that may help you save money by helping you to avoid paying taxes.
- A few small home improvements that will help you to not only avoid paying taxes but will reap you small tax credits are: HVAC upgrades, new roofing and insulation. Roofing and insulation will earn you around a 10% tax credit while HVAC upgrades can earn you as much as $300. Who doesn’t want an extra $300 to do with what they want.
- Energy efficient additions to your home are a great way to help save you some money on taxes. If you decide to add some energy efficient doors, windows and or skylights you can earn as much as a $500 tax credit. Of course you can also make bigger energy efficient additions to your house such as a solar water heater or heat pump but these are a bit more expensive.
- If you are disabled you can do a few renovations to your home to help you out not only by making it easier to live daily life but also by saving money on your taxes and actually getting a return as well. You can save money on taxes by installing a wheelchair ramp, making doorways wider and therefore easier to maneuver through, lowering kitchen and bathroom cabinets, and making the ground outside more level so that you can easily move over it with your wheelchair. Make sure with your doctor that any medial renovations done are deemed medically necessary before you make any of these changes in the hopes of saving on your taxes.
- Purchasing alternative energy equipment is another way to save money and get a return on your taxes. Energy equipment such as solar water heaters, wind turbines and geothermal heat pumps are just a few ideas for alternative energy equipment for your home.
These are just a few of the home improvements that you can do to help you save money on your taxes. I would suggest doing a bit of homework before deciding to do any of these however to make sure that they are in the best interest of you and your household.