More entrepreneurs are working from home these days. You may be happy to know that many home maintenance expenses are tax-deductible for a property that you use to earn a business income. This applies greatly to rental suites and home business upgrades.
It can be much easier to tackle home maintenance expenses when there is some form of reimbursement.
Improving the safety, security and livability of a space takes time, energy and cash.
If you haven’t been saving your receipts or bank statements, now is a great time to start. Every little bit helps right? Keep track of any maintenance costs by tracking any tools, labour and materials. Discover what you can claim and start a file in the filing cabinet or a monthly receipt envelope to streamline tax season.
Winterizing everything takes some time and organization. Of course, it usually costs money too; however, regular maintenance can save you the costs of replacing expensive items. A portion of certain expenses may be allowed as a tax write off.
Popular home maintenance expenses include:
• Landscaping (trimming shrubs, etc.)
• Power-washing exterior
• Cleaning supplies
• Mousetraps or professional pest removal
• Septic tank cleaning
• Clogged gutters
• Utilities (heating, water, electricity)
• Mortgage interest
• Property tax and more
If you are seeing clients, patients or renting out a portion of your home, you may be eligible for home office deductions. If you are in doubt of what is allowed to be written off or not, keep the associated receipts and consult your accountant. There are strict formulas to follow. While dog food may have been allowed as a write-off years ago (for your security dog, aka beloved family pet), the taxman is cracking down.
Certain upgrades may have to be made to accommodate a medical situation such as adding wheelchair accessibility. If you are making upgrades to your building to accommodate a medical issue, you may be eligible for a medical expenses tax credit.
C4U Inspections delivers a comprehensive report that outlines the facts. Discovering the condition of key elements can help you budget for home improvements much better.
It can be disappointing to deal with a water leak or some other high-priority issue when you have your sights set on a different route. However, it is never wise to put the cart before the horse.
Amending foundation, roof, widow and ventilation issues before your fancy upgrades will help you protect your investment.
We proudly serve the entire Okanagan Valley. C4U Inspections has the energy and expertise to answer all of your questions or concerns. Feel secure spending money on home maintenance expenses by understanding exactly what the issue is and what it takes to fix it. When you have the facts outlined, it is much easier to make a plan.