As a homeowner, you might be asking yourself if there are any tax breaks for all the money you spent improving your home. The answer could be yes or no. Either way, you will need to track your expenses for any home improvement.
Once you make a home improvement, like putting in central air conditioning, installing a sun-room, or upgrading the roof, you are not able to deduct the expense during the year you spent the funds.
Mileage is a frequent deduction for those using their personal vehicles for business. The IRS is providing a bonus this year as the standard mileage deduction has gone up by 3 cents to 57.5 cents per mile.
For anyone using their vehicles for business purposes, this is huge. If a business owner logs 100,000 miles over the next few years, this totals a massive $58,000 in deductions.
However, despite this good news, the Tax Cuts and Jobs Act (TCJA) did eliminate the itemized deduction for un-reimbursed travel expenses.… Read the rest