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Energy Tax Credit: Which Home Improvements Qualify?
Taxpayers who upgrade their homes to make use of renewable energy may be eligible for a tax credit to offset some of the costs. Through the 2020 tax year, the federal government offers the Nonbusiness Energy Property Credit. The renewable energy tax credits are good through 2019 and then are reduced each year through the end of 2021. Claim the credits by filing Form 5695 with your tax return. Read more…
Are Energy-Efficient Appliances Tax Deductible?
In past years, as an incentive to conserve energy at home, the federal government has offered tax credits to homeowners who purchase energy-efficient appliances. The program is known as Energy Star. However, beginning in 2012, the program has mostly expired except for credits geared at the production of residential energy. Learn more about this program and how you may benefit from it. Read more…
Video: What Are Energy Tax Credits?
If you purchased an electric car or made eco-friendly improvements to your home this year, you may be eligible to reduce the amount of tax you owe by claiming one of the energy tax credits. Read more…
What Are Energy Tax Credits?
In an attempt to promote a healthier environment, the U.S. Congress authorizes an array of energy tax credits as incentive for people using alternative energy resources. If you are eligible, these tax credits reduce the amount of income tax you owe on a dollar-for-dollar basis. To give that some context, a tax deduction only reduces the amount of income that is subject to tax, so energy tax credits could save you a lot of money. Read more…
Filing Tax Form 8936: Qualified Plug-in Electric Drive Motor Vehicle Credit
If you purchased a new vehicle that runs on electricity drawn from a plug-in rechargeable battery, you may be eligible to claim the qualified plug-in electric drive motor vehicle tax credit, which can reduce your tax bill. In order to take the credit, you must file IRS Form 8936 with your return and meet certain requirements. Read more…
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