As the year is almost three quarters over I am thinking ahead to year end.
I know, the certainly thought that makes some people nervous however I like to be prepared for what is coming.
I love your end with all of the holiday celebrations & anticipation of the future however I also dreaded because I know that it will bring with it a new tax season, once a year & celebrations are complete more than 2 people beginning trying to organize their lives & prepare for add event. As an accountant, this is the busiest time of year for me so I try to get my own personal finances in order long before the end of the year. Another reason I do this is because I want to know what I have done in the current year that may be tax deductible. One question I am asked frequently is about the deductions that can be taken for replacing peoples items in their homes, but each year brings a unusual set of rules & regulations with regards to this & this year there was a major one that more than 2 people may not know about. Over the past more than 2 years, replacing your Heating, Ventilation & A/C system with a newer more efficient one has been a tax deductible purchase, and however for the current year the only system that has any sort of tax deduction is a geothermal Heating, Ventilation & A/C system. This comes as a shock to more than 2 homeowners because they are counting on this currency & when they learned that they installed a system that does not qualify they are normally upset. I simply have to tell them that I do not write the rules & they absolutely should have looked into it prior to investing.