It’s advisable to consult with a tax expert, but generally there are advantages to improving your home or business buildings. If you decide to make additions with a metal and steel building, you may also increase the advantages you receive, tax-wise.
Before you even get to the tax benefits, it’s important to keep in mind the immediate and practical ones. These structures can be far more affordable than traditional construction, made even more so because you may even be able to put it up yourself.
Even Before Tax-Related Savings Kick In
Affordability is one of the top reasons why people choose Miracle Truss® pre-fabricated metal buildings. Your tax advisor might also add that your new Miracle Truss® building is an investment that can offer an excellent return.
Metal buildings have very low maintenance requirements, so you can stay focused on your business. With an external structure built from nonflammable material, you also will enjoy lower insurance rates. And that nonflammable material also protects you against damage caused by rotting wood or pest invasions. It’s a long-term investment. These types of buildings are made to last. Miracle Truss®, for example, offers a 50-year structural warranty.
Starting with a pre-engineered building also means you can incorporate new and cost-saving energy technologies. Our 24-inch-on-center designs make it simple and affordable to insulate with off-the-shelf materials. The strength of our truss design also means you can take advantage of solar panels on the roof, as well as skylights to assist with electricity savings.
Ductless mini split systems are becoming more popular in the United States. These are highly energy efficient HVAC systems that use heat pumps for both heating and cooling. They’re the most popular choice for new buildings throughout the rest of the world, and we’re playing catch-up. While they might be slightly more expensive that other HVAC systems, their energy-efficiency is unmatched, and they can quickly pay for themselves.
Keep in mind that many alternative energy technologies you can incorporate into your Miracle Truss® building offer tax incentives. Energy Star rated equipment often offers federal tax credits for both business owners and people who choose to build residences with metal buildings. In fact, if you do choose to build a residence or expand one with a Miracle Truss® design, you should work with your tax advisor to explore tax credits like the Residential Energy Property Credit. You may also be able to take advantage of the Nonbusiness Energy Property Credit when you install certain energy-saving windows, doors, insulation, and water heaters.
We’ll explore more tax breaks in Part 2.