7. Upgrade your home
If you were looking for a way to upgrade your home, boost its value, and also find a method to reduce the amount of taxes you have to pay, we know exactly how you can do so.
Did you know that the Inflation Reduction Act of 2022 expanded and prolonged federal tax credits for updates related to energy efficiency for both homes and businesses?
From then until 2032, homeowners can claim up to $3,200 in credits for specific home improvements they choose to make to their properties, such as insulation, heat pumps, or energy-efficient doors and windows.
Moreover, they also offer a separate credit for installing solar panels, geothermal systems, wind energy, and battery storage, so you should definitely consider investing in these home upgrades.
… What do you think about these legal methods of lowering the amount of taxes you have to pay? Would you consider trying any of these? Leave a comment below and let us know what you think!
…If you want to know more about taxes, here’s another article that will help you out: 13 US States With The Highest Death Taxes!
