Tax Credit and Deduction Tips for Home Improvement in 2012

Homeowners should take time to learn about credit before taking on home improvements. Many homey improvements require big financial decisions which can affect a homeowner’s credit score, though websites like freecreditscore.com can help understand the impact they can have. The other credit to think about is tax credit, as various home improvements, especially those which improve energy efficiency, can allow a homeowner to claim a tax credit or earn a deduction on taxes. The federal government offers tax credits, and EnergyStar.gov lists some of improvements that are still valid for earning credit. Consulting with a tax accountant can help a homeowner learn what type of home repairs or improvements can qualify as being deductible. A good option is to save receipts and discuss the repairs and what deduction they might give with the accountant when the tax return is being prepared. | Read More