Many Americans expect a tax refund this year, depending on income, tax payments, and expenses. Due to several homeowner-related tax deductions, bigger tax refunds for homeowners than expected.
Bigger Tax Refunds for Homeowners This Year (Photo from Yahoo)
Bigger Tax Refunds for Homeowners: 3 Homeowner Deductions for 2023 – Boost Your Return Now!
Three homeowner deductions can boost your tax return and will result in bigger tax refunds for homeowners. First, deducting mortgage interest lowers your tax liability. Despite higher interest rates in 2023, those who paid more mortgage interest last year may get a higher tax deduction.
Home renovations that save energy can boost your tax refund. The federal solar tax credit can cover a large portion of solar system installation costs, depending on the year. Other energy efficiency tax credits may exist.
Additionally, some home renovations have bigger tax refunds for homeowners. Deductions may apply to home office, medical accessibility, and rental property renovations. Even interest on home equity loans or lines of credit for renovations may be deductible.
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Maximize Your 2023 Refund: Claim with Confidence
Use TurboTax, Tax Slayer, or H&R Block to maximize homeowner-related tax deductions. These programs help users file returns confidently by navigating the U.S. tax code. Tax professionals should be consulted if uncertainties persist. Professional assistance may be free with TurboTax, ensuring you claim all deductions.
Home-related invoices and receipts may be needed to prove your claims. More deductions mean a larger tax refund. These deductions can benefit homeowners, especially those who bought a home in 2023 with a higher mortgage interest rate. Take advantage of these deductions with top tax solutions to maximize your 2023 refund.
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