Tax Day Preparedness: Investing in Smart Home Renovations
There’s no doubt that filing taxes can be a daunting challenge, but a refund check from the IRS comes with a lot of exciting possibilities. Pursuing home improvement projects this spring will be a great way to revamp your home after enduring a long, dreary winter. Plus, there are tax credits available that offer financial incentives to make your house energy efficient – giving you even more reason to invest in your home this Tax Day.
According to the ENERGY STAR® program, renovations such as installing quality insulation or adding a solar reflective roof can help save money on utility bills. Pursuing these updates increase the beauty and curb appeal of your home and also enhance its value.
If a reroof is in your future, make sure to choose products that are designed for optimum performance that can withstand the elements. There are various roofing designs, styles and texture options that allow you to create a unique look.
Did you know the material surrounding the exterior and interior of your home can contribute to its efficiency and strength? Insulated vinyl siding provides thermal performance and protection against noise infiltration, and new insulation batt technology can help to manage the moisture found within a home. If that’s not enough, the North American Insulation Manufacturers Association says spending $1 on insulation will save $12 in energy costs.
Renovations don’t have to stop at the walls of a residence. In fact, there are many opportunities to develop your home’s outdoor living spaces. New curved railing and gate options offer a decorative design that will accentuate the beauty of a homeowner’s yard while providing complete privacy. By investing in vinyl decking or fence, you can enjoy the warm weather or entertain guests, without having to worry about the hassle of continuous repair.
Last minute filers should keep available tax credits in mind. The Tax Increase Prevention Act of 2014 allows homeowners who upgraded their insulation last year to take a federal tax credit on their 2015 returns. The credit is up to 10 percent of the cost of the insulation with a maximum lifetime credit of $500. For information on other tax credits offered by the IRS, visit www.irs.gov.