Getting an Energy Tax Credit

Feb 18

Doing taxes is always an interesting time, because it always seems that something is changing, or that I did something unusual which means I have file new forms that I am unfamiliar with. I have taken to having an accountant do my taxes, because I am afraid I will miss something. But this year he told me I am eligible for energy tax credit s!

I don?t remember what he said, but it has to do with the fact that we put solar panels on our home. I have to tell you, the solar panels were expensive, but we felt that it was worthwhile to do. And now that they are up, they don?t cost anything. So that was a smart decision that we are happy about?and now we get an energy tax credit for doing that? That?s fantastic! I hope my taxes are this fun to do next year too.

You Can Get an Energy Tax Credit for Home Improvements

If you made improvements to your home this year, it?s possible that some of the work may qualify for an energy tax credit. A tax credit is more valuable than a tax deduction, because a tax credit is applied directly to the tax you owe, while a tax deduction is used to reduce your taxable income. There are energy tax credits available for many types of home improvements that increase your home?s energy efficiency. One of the most common home improvements that qualify for the credit is new energy-efficienct windows and doors. However, you can also receive an energy tax credit for a new energy-efficient roof, heating system, air conditioner, and hot water heaters. The tax credit is for 30% of the cost of the installation of the home improvement up to $1,500. It?s important to realize that not all home improvements qualify for the credit, so be sure to consult the IRS website for details and find out if you qualify.

Source: http://www.a1holidayrentals.co.uk/?p=223

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