Were taxes a little more painful this year than last year? Since new laws cap the amount of deductible property (and income) tax at $10,000, those of us living in states with high property taxes inevitably felt the pinch. Looking for ways to get more relief in 2019? Make sure you’re doing your kitchen remodel right.
Add Energy Efficiency
Although most of the Energy Star appliance credits available in past years have expired, some energy improvements like solar panels and solar water heaters can still save you money at tax time. Install a new system and you can expect solar credits up to 30% through the Residential Renewable Energy Tax Credit plan. Note that 2019 is the year to make the move since the percentage savings will reduce every year through 2021.
Donate Your kitchen
Another big way to get next year’s taxes under control is to donate rather than demo your luxury kitchen when remodeling. Non-profit Renovation Angel makes understanding and collecting a tax refund an easy part of their donation process. They’ll send you an estimate of your potential savings before you start (a savings you can pocket when the time comes or add back into your renovation budget) and then send a white-glove team of experts to carefully remove your old kitchen. (Which means you save on demolition costs, too.) Renovation Angel sells your pre-loved kitchen and in turn donates money to a host of charities, — more than two million dollars donated so far.