With tax season already upon us, you may be surprised to learn that some landscaping efforts made around your home or business may be eligible for tax deductions.
Of course, since filing taxes can be a complicated thing, you should definitely consult with a professional tax preparer to make sure all of your deductions are listed properly.
In this issue, we’ll talk more about how your landscaping investments can be written off.
The short answer is that “it depends.” One of the best ways to make sure your landscaping meets the threshold for being deductible is if you have a home office from which you conduct business.
According to rules set forth by the Internal Revenue Service, the portion that’s deductible for home-based offices is directly related to the actual percentage of your residence that’s used for business purposes. In other words, you’ll only be able to deduct landscaping work that affects the portion of your home that’s used for business.
Making improvements that increase your home’s value.
While you’ll have to wait a bit longer to reap the financial benefits, you can deduct certain landscaping work when your home is sold.
It’s important to remember that only work done to increase your basis (the price for which you originally bought the home) will qualify for the deduction. This can include installing:
Renting out a section of your home can also be deducted from your taxes.
This particular deduction is very much like the one for using a portion of your home for business purposes. With renting, you’ll only be able to deduct work done on the part of your home that’s being rented out.
Again, if you’d like to pursue deducting landscaping work from your taxes, we encourage you to speak with a tax professional.
For all of your landscaping needs, however, we’re the folks to call. We’re a complete professional landscaping service, and we provide services for both large commercial properties and smaller custom jobs.
To find out how we can help you, call us at 619-334-9464 or get in touch via email.