Tax Tips To Save You Money
I put on a new roof. I paved my driveway. Can I write that off on my taxes?
Yes & No. You see, there are two tax systems in America. One for people with a home based business and one for those without a business.
The folks without a business (aside from energy credits) cannot deduct repairs & maintenance to their home.
If you have a home based business and claim a home office, you can deduct a portion of your repairs and maintenance. The amount is based on the percentage of your home you use as an office. This is done on form 8832.
Now, what most people do not realize, is that this category of repairs and maintenance includes a ton of items, such as:
Major repairs (roof, driveway)
New windows, new doors
Tools to fix things around the house, nails, screws
Cleaning supplies, light bulbs, pest control
Lawn cutting, snow shoveling, lawn mower, weed spray, garden supplies, plants, trees, flowers
Virtually anything that is used to maintain your home!
All of these things add up over the year and that is the way you can “nickel and dime” yourself into a nice deduction!
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