. . . Also Good News for Those in the Home Renovation Industry
As we just discussed in the previous article, the Home Renovation Tax Credit (HRTC) for individual taxpayers who renovate their homes was introduced in an effort to stimulate the economy and, in particular, sales in the home renovation industry.
For those in the home renovation industry, there are some important things you must remember about this credit. To begin with, it is a temporary tax credit that only applies to expenditures for work performed or goods acquired after January 27, 2009 and before February 1, 2010. As well, the credit is only applicable to certain expenditures and does not apply to routine repairs and maintenance. And finally, in order for an individual to claim the credit, eligible expenditures must be supported by sufficient documentation. As a result, it is important to make sure that any invoices that you issue or contracts that you enter into include a sufficient amount of detail.
The HRTC can benefit both you and your customers. If you have not done so already, you may want to refer to the HRTC in your marketing materials and advertising.
If you need more information on the HRTC or assistance in preparing any marketing materials that discuss the HRTC, contact your BDO advisor.
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