The biggest mistake when it comes to tax time in North Attleboro is not taking advantage of the number of ways that you can get a tax break on your North Attleboro home. The factors for a refund are plentiful - from home offices to new purchases, renovations to Green Tax incentives.
Of course, one important step to ensure that you get your refund is proof - receipts, manufacturer's certificates, and other required paperwork. This means that the more prepared you are, the more money you will receive back. I know we have a while before tax time, but what better time than now to start preparing? Here are the little-known secrets to getting a big tax break on your North Attleboro Home…
If your home is being used for a business of some kind - a daycare, an attorney's home office, a tutor - any business where the taxpayer's customers regularly visit the home - then the homeowner is eligible to receive money back for lawn maintenance.
Form to use: Form 8829
North Attleboro Home Business
To meet the IRS requirements of a home office, you simply need to have a separate room or designated space that is used exclusively for business purposes. The benefits are plentiful for a home office - you will be able to deduct a percentage of your mortgage interest, real estate taxes, casualty losses, home repairs and maintenance, utilities, house insurance, security systems, garbage removal and more.
Form to use: Form 8829
If you converted a basement, attic, garage or other space into rental quarters, you are eligible for a tax return on the remodeling costs.
North Attleboro Home Improvements
If you are keeping a close eye on the North Attleboro Real Estate market, you probably find it important to constantly make home improvements to keep the value of your North Attleboro home up. Whether you installed new windows, a fuel stove, or a door, you will get a discount.
Form to use: Form 5695
This credit is the easiest one to qualify for so there is no excuse not to take advantage. From lightbulbs to spray on insulation, there are a lot of products and upgrades that qualify. The tax credit offers 30% up to $1,500.
To learn more tax break saver secrets, read this AOL real estate article. As a North Attleboro Real Estate Agent, I am always looking for ways to help inquiring home buyers, home sellers, and sometimes just current North Attleboro Residents. If I can't serve as a resource when you, the North Attleboro Home Owner, have a general question, then I am not doing my job. If you have any questions, please don't hesitate to call me anytime. That is what I am here for!
Phone: 508-431-1500 Ext 202
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