Home improvement is an industry that encompasses a wide variety of businesses, including those that sell building materials and appliances, as well as those who perform remodeling, repair and maintenance services. The scope of home improvement is broad and covers anything that adds value to a dwelling, from installing new cabinets in the kitchen to replacing worn flooring in the living room.
The home improvement industry has achieved excellent growth results in recent years. Homeowners have been busy completing projects during the COVID-19 pandemic and are expected to continue spending money on home improvements in the near future.
If you’re looking to increase your home’s curb appeal, try adding some decorative landscaping or painting the front door. These are easy and affordable do-it-yourself projects that can make a big impact. You can also improve your home’s efficiency by upgrading to a more energy-efficient furnace or air conditioning unit.
If you’re planning a major home improvement project, it’s important to understand what tax breaks are available. For example, if you live in New York State, you may be able to deduct the cost of labor from the sales tax on materials if you have documentation that the work qualifies as a capital improvement. This documentation typically includes a written contract that specifies a timeline for when the work will be completed, the amount of progress made and payment schedules. It should also include detailed descriptions of the work and materials being used.