God I hate this season! I don't mind paying taxes (well, too much anyway), what I hate is all the fine print, tricky to find deductions and all that jazz.
I know, the answer to most of my questions could be done by a tax professional, but what fun would that be?
Here's a few questions for y'all. This is my 1st time owning a home, what kinds of deductions are avalible? I think I remember someone saying all the interest is, plus any home improvements. Is there any minimum for the home improvements?
Also, I plan on installing a heat pump in my house sometime this year. I'm doing all the work myself, buying the materials from a wholesale company that is great to work with. Long story short... I'm not exactly going to have one final recipt to turn in. Do I just save the individual recipts and turn them in for everything I bought? And since I'm in this deep, is there anyway I can get a deduction for my labor?
How about buying tools (for home improvement and also for work)? I doubt I'll spend many thousands or anything, but if I could get something back that'd be nice too.
Also, maybe you experts could give me your top 3 deductions not many people know about?