Tax Bonuses in Your Home Renovation Budget

June 23, 2012

Measure your tax deductions twice to get the most out of home improvementWhen you are putting together your

budget of needed home improvements, you should stop and check to see if there are additional ways to save money. The Equifax Finance Blog shares that there are a lot of ways to make your dollars go farther when it comes to renovation in the article, “

Using Your Home Renovation to Maximize Tax Benefits.”

For example, if you are considering adding solar panels or other newer energy services to your home, the IRS offers a 30 percent tax credit that you can claim. There are also often state benefits and tax credits which all add up to big differences. There are also rebates offered from the government as well as utilities and manufacturers. Taking the time to find these incentives can make a huge difference when it comes time to deciding which products and changes to go with. If you plan your savings, you may be able to get your renovations at half off or more!

Energy isn’t the only way to save when it comes to home improvement. There are also medical home improvements you can make to collect on

tax deductions. In addition, some insurers are willing to offer credits for taking the initiative to medically improve. Be sure to check with your agency to see if there are savings waiting for you.

For other money management tips when it comes to improving your home and lifestyle, check the Equifax Finance Blog.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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