If you’re moving into a new apartment in San Antonio, you might wonder whether you’ll be eligible for any tax credits in your new home. While some of the most popular tax breaks are given to homeowners, there are some tax credits that you can take even if you’re a renter and don’t own any property. Here are some tax credits you might want to think about this year.
Searching for a New Job can Get You a Tax Cut
Job hunting can feel stressful if you’re out of work and looking for a new job, but you can probably reduce your stress levels a little with the knowledge that you can take some of the expenses of your job search off your taxes at the end of the year.
“Losing your job is traumatic, and the cost of finding a new one can be high. But if you’re looking for a job in the same field, you itemize your deductions, and these expenses exceed 2 percent of your adjusted gross income, any qualifying expenses over that threshold can be deducted. It may seem like a high bar, but those costs add up quickly—consider deducting the mileage you put on your car driving to interviews and the cost of printing resumes.”
And, after you get a new job, you can also take off certain expenses related to your job, as well as expenses related to your move if your new job requires that you travel across the country or more than a few hundred miles. Some quite unusual expenses related to work can be taken off your taxes, and you don’t need to own a house to take these deductions.
Starting a Business Can Get You a Tax Break
In addition to receiving money for business expenses and a job search, you can also qualify for a tax credit if you start a business. According to Hotpads, it’s important to get the credit for the tax year in which you started the business:
“If you started a business in 2014, don’t forget about costs you incurred before 2014 that may be deductible now. Even if it’s a side business and you are showing a loss, you can use the loss as a write off, in addition to the expenses incurred.”
Business taxes can seem a little complex to the average tax payer, so consider working with a tax professional if you start a business and want to receive as much money back as possible.
A Renter’s Credit Might Be on the Horizon
You might actually be able to take off some of the money you spend on your rent if a rental assistance program makes its way successfully through the federal government. The Center on Budget and Policy Priorities shares:
“A project-based renters’ credit would help poor families afford a home by providing states with credits that they would allocate to rental housing owners and developers for use in particular developments. Families living in renters’ credit units would pay no more than 30 percent of their income for rent and utilities — the accepted federal standard of affordability — and the rental unit’s owner would receive a federal tax credit in return for reducing the rent to that level.”
There’s no guarantee this credit will see the light of day, but it’s something that many renters could benefit from at many levels of income.
Live in Luxury at The Estates at Canyon Ridge
We know it’s important to come home to a place you love, and The Estates at Canyon Ridge are designed to offer you enjoyment every day that you reside with us. We’d love to welcome you on a tour of one of our apartment homes. We have several floor plans available and are sure one of our San Antonio apartments will suit you perfectly. Get in touch today to arrange a tour.