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- Deducting the Costs of Modifications for Senior-Proofing a Home
- While Americans may argue about any number of hot-button political topics, there’s no disagreement on one issue: the country’s population is aging…fast. According to the Social Security Administration, 10,000 baby boomers a day are reaching the age of 65. Many individuals, for either themselves or an older family member, are senior-proofing their homes – adding grab bars in showers, modifying stairways, widening hallways to accommodate a wheelchair, and other projects to make the home safer and more accessible for older occupants. If you are planning to make such home improvements, you may be wondering whether any of the costs will be tax-deductible.
- Video: The Difference Between a Tax Credit and Tax Deduction.
- In general, a deduction reduces taxable income, whereas a credit reduces the tax itself. Learn more.
- 3 Common Personal Income Tax Problems & How to Respond
- Running into issues with the IRS is a year-round concern. Let’s discuss three of the most common tax problems for personal income & their potential solutions.
- Are Solar-Powered Batteries the Answer to Power Outages?
- Over the past few years, several wildfires have been blamed on power lines downed during periods of low humidity and gusty winds, which typically occur in the fall. The 2018 Camp fire, sparked by downed power lines, was the deadliest in California history, claiming 85 lives and causing more than an estimated $16 billion in damages.
- Don't Overlook These Essential Small Business Tax Credits
- From the general business tax credit to the new markets credit, there are endless tax credit opportunities for your small business to save money on your taxes.
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