ATLANTA – Where did this year go? Well, here we are in the latter part of December, and thank goodness there is still time to get your house in order. Whether you rent or whether you own, FOX 5 real estate expert John Adams says there are things you can do now to save you money and headaches in the year ahead.

Adams has put together a list of the top 20 year-end tips for renters and homeowners. Unless you live under a rock, there is something here for you. 

These are mostly time-limited opportunities. If you take a few minutes and think about them now, you’ll set the stage for a happier new year. These are the responsibilities of living in a house or an apartment. Getting them under control now is the smart thing to do.

 1. Winterize Your Home:

• Insulate: Check and improve insulation in your attic, walls, and around windows and doors.
• Seal Air Leaks: Seal cracks and gaps around windows, doors, and where pipes enter the house to prevent drafts.
• Clean Gutters & Downspouts: Clear gutters and downspouts of leaves and debris to prevent ice dams and water damage.

2. Maximize Deductions for Homeowners:

• Mortgage Interest Deduction: Itemize deductions and claim the mortgage interest deduction on your tax return.
• Property Tax Deduction: Itemize deductions and claim the property tax deduction on your tax return.

3. Check Your Heating System:

• Schedule a Professional Inspection: Have your furnace or boiler serviced by a qualified technician.
• Change Air Filters: Replace air filters regularly for efficient and safe heating.
• Test Smoke and Carbon Monoxide Detectors: Ensure they work properly and replace batteries if needed.

4. Explore Tax Breaks for Working From Home:

• Look into Deducting Office Space even if you rent: The home office tax deduction is a break for the self-employed that covers expenses for the business use of your home, including rent, insurance, utilities, repairs, and depreciation.

5. Prepare for Freezing Temperatures (Everyone):

• Insulate Pipes: Wrap exposed pipes with insulation to prevent freezing.
• Let Faucets Drip Slightly: A slow drip of water can help prevent pipes from freezing.
• Know Where Your Water Shutoff Valve Is Located: In case of a frozen pipe, you’ll need to shut off the water supply quickly.

6. Document Charitable Donations:

• Keep Records of All Donations: Maintain records of all charitable donations, including receipts and canceled checks.
• Consider Donating to Local Charities: Donating to local charities may offer additional tax benefits.

7. Energy-Efficient Home Improvements

• Install energy-efficient windows, doors, and insulation.
• Look into solar panels and other renewable energy sources for tax credits.
• Keep receipts and manufacturer certifications for tax purposes.

8. Take Advantage of Tax-Advantaged Retirement Accounts:

• Contribute to a 401(k) or Other Retirement Plan: Contribute to a 401(k) or other employer-sponsored retirement plan to reduce your taxable income.
• Consider a Traditional IRA: If you are not eligible for an employer-sponsored plan, consider contributing to a Traditional IRA.

9. Understand the Tax Implications of Selling Your Home (Homeowners):

• Capital Gains Exclusion: Familiarize yourself with the capital gains exclusion, which allows homeowners to exclude a portion of the profit from the sale of their primary residence from their taxable income.
• Consult with a Tax Professional: Discuss the tax implications of selling your home with a qualified tax advisor.

10. Explore Rental Property Tax Benefits:

• Deductions for Rental Expenses: If you own a rental property, explore deductions for rental expenses, such as mortgage interest, property taxes, and maintenance costs.
• Depreciation Deduction: Claim the depreciation deduction on your rental property, which allows you to deduct a portion of the property’s cost over time.

11. Defer Income

• If possible, postpone receiving income until next year.
• Consider delaying bonuses, commissions, or self-employment income.
• Consult with a tax advisor to assess the impact on your tax bracket.

12. Check Your Home Insurance or Renters Insurance

• Review your policy for adequate coverage, especially for winter-related incidents.
• Consider adding coverage for specific risks like ice dams or frozen pipes.
• Update your policy if you’ve made significant home improvements.

13. Review Mortgage Insurance Premiums

• Deduct mortgage insurance premiums if paid during the year.
• Include premiums for both primary and secondary homes if applicable.
• Ensure you meet income requirements for claiming the deduction.

14. Refinance Your Mortgage

• Shop around for the best mortgage rates and terms.
• Calculate the potential savings and costs of refinancing.
• Ensure refinancing aligns with your long-term financial goals.

15. Contribute to a Traditional or Roth IRA: If eligible, contribute to a Traditional or Roth IRA to reduce your taxable income.

16. Maintain Your Lawn:

• Rake Leaves: Rake leaves regularly to prevent them from smothering your lawn.
• Fertilize Your Lawn: Apply a winter fertilizer to help your lawn recover from the stress of the growing season.
• Water Deeply Before the Ground Freezes: Deep watering helps establish a strong root system for winter survival.

17. Charitable Contributions

• Donate to qualified charitable organizations and keep receipts.
• Consider donating appreciated assets for additional tax benefits.
• Track mileage and expenses if you volunteer for charity.

18. Track Home Office Expenses (Homeowners):

• Maintain Detailed Records: If you use a portion of your home for business, keep accurate records of expenses to maximize deductions.
• Consult a Tax Professional: A tax professional can help you determine the best way to deduct home office expenses.

19. Stay Organized:

• Maintain Accurate Records: Keep meticulous records of all your income and expenses throughout the year.
• Use Tax Software or Consult a Professional: Utilize tax software or consult with a tax professional to help prepare your taxes accurately and efficiently.

20. Stay Informed:

• Stay Updated on Tax Laws: Keep up-to-date on any changes to tax laws that may affect you.
• Consult with a Tax Professional Regularly: Schedule regular consultations with a tax professional to discuss your tax situation and explore potential tax-saving opportunities.

Whether you rent or own, there are steps you can take right now to save money both now and in the New Year. Now is the right time to do the right thing and put some extra cash in your pocket during 2025!