Warm-Up With These Tax Savings
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| Prioritize Energy Efficiency |
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Upgrading your home or business is a great way to enhance both its functionality and value. Below are some money-saving tips to consider: |
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| $1,200 for energy efficient property costs and certain energy efficient home improvements with limits on: |
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- Exterior doors $250 per door up to $500
- Exterior windows and skylights ($600)
- Furnaces/AC ($600)
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| $2,000 per year for qualified heat pumps, water heaters, biomass stoves or biomass boilers |
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| Beginning in 2025, for each item of qualifying property placed in service, no credit will be allowed unless the item was produced by a qualified manufacturer. |
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| Visit our Website to see what we're up to: |
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| That's it for this month. We do more than just taxes and are always available to discuss potential tax savings with clients. Don't hesitate to contact us with any questions regarding these matters or any other issues you may have. |
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"Your referrals are always greatly appreciated" |
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| Did you miss last month's tax tips? Scroll down to learn about more savings you could be taking advantage of today! |
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| Need gift ideas that are tax deductible? |
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Get someone you love the best tax write-off possible. Below is a list of gifts you might be able to take advantage of now. |
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| - Claim deductions up to $30,500 immediately on heavy SUV's
- Get an additional 60% bonus depreciation on top of that
- Potentially qualify for up to $7,500 in electric vehicle tax credits
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| Married couples can contribute up to $35,000 in 2024 to a college 529 plan with no gift tax ramifications. Depending on the plan, you might also get to take a state tax deduction for the contribution. |
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| If you have any stocks that have gains, consider donating the stock directly to a charity. You won't have to recognize any gain on the sale and you get to write-off the fair market value of the stock as a charitable donation. |
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| IRS Section 280A allows a homeowner to rent their home up to 14 days without needing to report the income. If your home is not your primary place of business, you can potentially rent your home to your business and not report the income on your personal tax return. |
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| Ascend Accounting Group, LLC 3175 Commercial Ave Ste 201 Northbrook, IL 60062 Office Number (224) 330-6700 |
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