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Money Matters: These Write-Offs Could Save You Money

April 8, 2015 By CENTURY 21

It’s April, which means that Tax Day is quickly approaching. Filing your taxes can feel like a daunting task, especially for homeowners. Whether you’re doing your taxes yourself, or hiring someone to do so, it’s important to understand how you can save as much money as possible.

These write-offs are some of the best options for homeowners.

1. Mortgage Interest: This is the biggest deduction for homeowners. You must itemize the deduction, but it must be greater than the standard deduction. You can also use any mortgage points that you used when you purchased your home. (Fox Business)

2. Property Taxes: Yes, you can write-off certain taxes. You can write off your property, state, and local income taxes. (Time.com)

3. Home Improvements: Technically, the only home improvement write-offs you can deduct are those that were necessary for medical reasons like installing a wheelchair ramp outside of your home. Note that it’s advised that you keep all of your receipts for non-medical home improvements because it’s possible that they can be used to reduce your taxes when you’re ready to sell your home. (TurboTax)

4. Moving expenses: If you moved more than fifty miles for a new job, you can write off moving expenses. Talk to your employer to get the necessary paperwork. (Time.com)

5. Home Office: Do you run a small business from the comfort of your home? You’re in luck! You can file for a home office deduction. This even includes everything from the cost of painting the room, to the cost of buying a computer and home office supplies. It’s best practice take a picture of the office to have on record. (TurboTax)

6. Energy efficiency: You can get a deduction for owning energy efficient appliances. Heat pumps and solar powered systems garner the highest deductions. Items like energy efficient windows are the next highest deductible. Keep your receipts for your records. (HouseLogic)

If any of these write-offs apply to you, take the extra time to fill out the paper work. It may benefit you in the long run!

Money Matters: These Write-Offs Could Save You Money

April 1, 2015 By CENTURY 21

These write-offs are some of the best options for homeowners.

Mortgage Interest: This is the biggest deduction for homeowners. You must itemize the deduction, but it must be greater than the standard deduction. You can also use any mortgage points that you used when you purchased your home. (Fox Business)

Property Taxes: Yes, you can write-off certain taxes. You can write off your property, state, and local income taxes. (Time.com)

Home Improvements: Technically, the only home improvement write-offs you can deduct are those that were necessary for medical reasons like installing a wheelchair ramp outside of your home. Note that it’s advised that you keep all of your receipts for non-medical home improvements because it’s possible that they can be used to reduce your taxes when you’re ready to sell your home. (TurboTax)

Moving expenses: If you moved more than fifty miles for a new job, you can write off moving expenses. Talk to your employer to get the necessary paperwork. (Time.com)

Home Office: Do you run a small business from the comfort of your home? You’re in luck! You can file for a home office deduction. This even includes everything from the cost of painting the room, to the cost of buying a computer and home office supplies. It’s best practice take a picture of the office to have on record. (TurboTax)

Energy efficiency: You can get a deduction for owning energy efficient appliances. Heat pumps and solar powered systems garner the highest deductions. Items like energy efficient windows are the next highest deductible. Keep your receipts for your records. (HouseLogic)

If any of these write-offs apply to you, take the extra time to fill out the paper work. It may benefit you in the long run!

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How to Keep Your Home Cool Without Touching the Thermostat

July 21, 2014 By CENTURY 21

Contribution by Andrea Davis, HomeAdvisor

The temperature keeps rising…and rising…and rising! When will it stop? As you wait for the temperatures to make their slow decline, how about helping to avoid high utility bills? There are plenty of ways to keep your home cool without turning on the air conditioner. Here are some simple, effective methods that will cost you a fraction of the electricity bill:

1. Keep the sun out! From about May to August, the sun is not your best friend from around ten to four p.m. That’s when it shines through the windows and increases the temperature inside. So avoid it by installing window shutters, blinds and shades to keep the rays out. If you already have them installed, be sure to keep them closed from the time you leave until you come home.

2. Get those ceiling fans turned around. You might not be aware, but ceiling fans need to have their motors switched seasonally. During the winter, they need to turn clockwise and during the summer counter-clockwise. Counter-clockwise pushes cold air down and warm air up so the room feels cooler, whereas during the winter you want the fan to push cold air up and warm air down for the opposite effect.

3. Buy more fans. If some of your rooms don’t have ceiling fans or seem hot anyway, you can always purchase standing fans. Recent innovations have allotted new fans that don’t have spinning, loud blades. You can buy regular fans with blades or tower fans that have adjustable airflow and are completely quiet.

4. Invest in energy-efficient lighting. Did you know fluorescent and incandescent bulbs give off heat, which helps to increase room temperature? Buying LED bulbs is not only energy-efficient, but they also help keep your house cool during summer days. They come in all sizes and watts to fit about anywhere you need lighting.

5. Ventilate hot air immediately. Because you can’t grill every day during the summer, there will be times when you have to cook with the oven or stove. This means a lot of hot air, so you need to use the hood vent immediately. The same goes for when you take a shower or bath with the bathroom fan. You should also be sure your attic fan is properly venting out hot air that could increase house heat by 10 or more degrees. By getting that the hot air out immediately, it won’t spread to other rooms and increase the temperature.

Photo courtesy of Home Power

6. Let in the cool air! When the sun sets and temperatures start to drop, there might be a cool breeze blowing across the yard. So open the windows and back door to let it pass through the house and cool down all of your rooms. It will require no electricity, and you’ll be able to take in the night sounds as you fall asleep.

Header image courtesy of DesignMine

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Summer Savings: 5 Ways to Decrease Your Energy Bill

July 19, 2014 By CENTURY 21

Summer is in full swing and as the temperature rises, so can the electric bill. When you’re ready to escape the sun, you shouldn’t have to feel guilty about seeking cool relief inside your home.

Here are five things that may help to decrease your energy bill this summer:

1. Use the energy saver option on your air conditioner (AC): When you leave your home, use the energy saver option on your air conditioner rather than turning it off. The energy saver will keep your house at a cool temperature. If you turn off your air conditioner the temperature in your house will rise, and when you turn the unit back on it will need to work harder to cool your house down again, which in turn, can increase your electric bill.

2. Fans are your friend: Well placed fans can keep cool air circulating in the house, which means you might be able to delay turning on the air conditioning—especially if you can also leave windows open on cool summer evenings.

3. Create a lights-out policy: Keeping all of the lights off in your home during the day is a simple way to conserve energy and lower your electric bill. Try to rely on natural light alone. At night, consider trying something new like candlelit dinners or dimly-lit game nights.

4. Use heavy drapes on the windows: We’re not saying you have to be Dracula, but try hanging some heavier drapes—especially in windows that get a lot of natural sunlight. Close the drapes when you leave the house to help keep the sunlight out and the cool air in.

5. Get your AC inspected: Inspectors can make sure your system is leak-free and operating as efficiently as possible. Don’t forget to clean air filters; some units require monthly cleanings.

Many people shivered their way through a long winter dreaming of summertime. With these tips, you can help enjoy fun in the sun without getting burned by rising energy bills!

Recommended Reading:

-How to Make Your Home Summer Ready

-Just DIY It: 5 Natural Cleaning Products

-How to Decorate Your Home on a Budget

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