As the year is almost three quarters over I am thinking ahead to year end.
I know, the very 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 and anticipation of the future but I also dreaded because I know that it will bring with it a new tax season. Once a year and celebrations are complete many people start trying to organize their lives and 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’m 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 and regulations with regards to this and this year there was a major one that many people may not know about. Over the past several years, replacing your HVAC system with a newer more efficient one has been a tax deductible purchase. However for the current year the only system that has any sort of tax deduction is a geothermal HVAC system. This comes as a shock to many homeowners because they are counting on this money and when they learned that they installed a system that does not qualify they are normally upset. I simply have to tell them that I don’t write the rules and they probably should have looked into it prior to investing.
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