Home renovation tax credit

This year, and this year only, there is a special credit available to people that are planning to perform some home renovations. Now, since we are at a point in time where you probably haven't got everything together for your 2008 return, I thought it would be a good opportunity to start planning for the 2009 tax year. I feel that this is a good time to maybe suggest what you do with your 2008 refund (if you get one), since you probably haven't received it yet.

There is a temporary credit available for eligible expenditures on home renovation projects. These projects must fall in the period of January 27, 2009 and February 1, 2010. Now is the time to start planning some painting, kitchen re-modelling, etc. There are numerous items that you may be thinking of, so you should take advantage now. This can lead to many benefits. First, you save on your taxes in 2009. Secondly, if you are thinking of selling your home in the near future, this should increase the value of your home. You may wish to discuss with your real estate agent what renovation projects will be most beneficial (or you can ask me).

The government has introduced this piece in the last budget as a stimulus item that will help our economy. It is up to you to take advantage of it. The credit is a one time deal, so be sure that you find out what information you need before proceeding. You may wish to find out which expenses are eligible, and which expenses are not.

More information can be found here.

Tax Help

There is one more month left to do your personal income taxes. Time is running out. For most people, taxes are due at the end of April. If you are self-employed, the taxes are payable April 30th, but the return is not due until June 15. It becomes important that you get them done and over with as soon as you can as this can either reduce any late penalties and interest, or gets your refund in your hands that much sooner.

I've decided to charge $35 for a basic return for friends and family. I understand that some people do not feel comfortable with doing their taxes, and so I am offering to help those whose returns are fairly simple. I will charge more if there is more work required, but $35 will be the base charge. I'm not sure what it costs to buy tax software for do-it-yourselfers, but I feel with my experience, you'll be getting a deal at $35.

I will do basic returns only. I am capable of doing more complex returns, but that realm of work is reserved for my employer. They specialize in handling tax planning options, so I will not take business away from them. I will be happy to bring you in as a client if deemed necessary.

Happy refunds.