Come And Get It Your Federal Tax Credits

Come And Get It Your Federal Tax Credits



Come and get it…Your Federal Tax Credits
Money is​ like manure; it's not worth a​ thing unless it's spread around encouraging young things to​ grow .​
– Thornton Wilder
The lack of​ money is​ the​ root of​ all evil .​
– Mark Twain
Did you​ know that Congress passed a​ bill in​ 2018 that can provide you​ a​ tax credit (that’s a​ dollar for dollar reduction in​ your tax bill to​ Uncle Sam!) for items that you​ may need to​ purchase for your house or​ even a​ new car?
That’s right Congress passed the​ Energy Policy Act of​ 2018 .​
This federal legislation can provide you​ with up to​ $500 in​ tax credits for improvements to​ your house .​
Over $3,​000 in​ tax credits for buying a​ hybrid car,​ and if​ you’re a​ person who wants to​ help the​ environment and you​ install some solar electric panels on​ your roof or​ a​ solar water heater collector on​ your roof you​ can get up to​ another $2,​000 for each!!
Wow,​ where was this bill when I​ had some home improvements performed on​ my house two years ago .​
And if​ you’re a​ business owner you​ can get tax credits too for your building,​ company vehicles,​ and the​ Energy Policy Act provides a​ variety of​ tax credits for businesses,​ homeowners,​ home builders,​ appliance manufacturers,​ and hybrid/fuel efficient automobiles .​
Some of​ these tax credits expire in​ December 2018 while others expire in​ later years .​
And even our Congress is​ looking a​ spreading these tax credits around to​ as​ late as​ 2015.
So what do I​ have to​ do to​ get qualify for these tax credits and is​ it​ really something I​ need .​
Well this all depends on​ your needs .​
If you​ are a​ homeowner you​ can qualify for up to​ $500 in​ tax credits if​ installing new items in​ your home,​ they are up to​ $200 for a​ new furnace or​ boiler,​ another $200 for new windows,​ and up to​ $300 for a​ new air conditioner,​ or​ new doors,​ or​ a​ water heater,​ or​ insulation.
The maximum tax credit you​ can claim for your house is​ $500,​ with the​ exception of​ installing a​ solar electric system (call Solar PV – photovoltaic) or​ a​ solar water heating system .​
Both of​ these systems can net you​ another $2,​000 each in​ tax credits.
You can also claim up to​ $3,​400 in​ tax credits when buying a​ new hybrid vehicle .​
The tax credit is​ based upon the​ type of​ vehicle and how much does fuel savings does the​ hybrid achieve when compared to​ its non-hybrid cousin .​
The more efficient hybrids are going to​ qualify for the​ higher tax credits and reports from such distinguished periodicals such as​ Consumer Reports is​ saying a​ Hybrid car actually costs less than the​ non-hybrid version after five years this includes all of​ the​ associated maintenance costs and fuel costs over the​ life of​ the​ vehicle.
Depending upon what type of​ business you​ own you​ can qualify for thousands of​ dollars in​ tax credits .​
If you’re a​ homebuilder you​ may qualify for a​ $2,​000 tax credit,​ and manufactured homebuilders can receive either a​ $2,​000 tax credit or​ a​ $1,​000 credit.
Congress did not forget the​ business owner and also provides a​ tax credit for solar photovoltaic or​ solar water heating systems and the​ credit can exceed $2,​000 .​
the​ owner of​ a​ commercial building,​ including apartment complexes,​ can also claim a​ deduction (not a​ tax credit) on​ new efficient lighting installed at​ their facility.
Gas station owners can add an​ Ethanol system at​ their station and receive thousands of​ dollars in​ tax credits .​
the​ IRS continues to​ interpret and release notices to​ the​ public describing their interpretation of​ the​ congressional bill.
Before buying any new product for your house checkout different websites to​ obtain updated information on​ the​ tax credits,​ what has changed,​ and what has recently been released through a​ Notice.
As Thornton Wilder said it’s not worth a​ thing unless it’s spread around and encouraging young things to​ grow .​
Congress has spread around tax credits and incentives for us to​ help this industry grow lets all do our part and remember there may be a​ tax credit available to​ you​ when you​ make an​ improvement to​ your house or​ buy a​ new car.




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