As the year is almost three quarters over I am thinking ahead to year end.
I know, the easily thought that makes some people nervous but I like to be prepared for what is coming.
I enjoy your end with all of the holiday celebrations as well as anticipation of the future but I also dreaded because I know that it will bring with it a modern tax season, then once a year as well as celebrations are complete many people start trying to organize their lives as well as 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 modern 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, each year brings a different set of rules as well as regulations with regards to this as well as this year there was a major one that many people may not know about. Over the past several years, replacing your Heating as well as Air Conditioning system with a newer more efficient one has been a tax deductible purchase, however for the modern year the only system that has any sort of tax deduction is a geothermal Heating as well as Air Conditioning system. This comes as a shock to many homeowners because they are counting on this money as well as when they learned that they installed a system that does not qualify they are normally aggravated. I simply have to tell them that I don’t write the rules as well as they entirely should have looked into it prior to investing.