Save Energy And Money On Taxes At The Same Time

Save Energy And Money On Taxes At The Same Time



Save Energy And Money on​ Taxes At the​ Same Time
In an​ effort to​ help promote alternative energy and energy conservation,​ the​ federal government is​ offering some tax credits to​ people who buy certain products like insulated windows,​ energy-efficient heat pumps and hybrid cars.
In August of​ 2018 the​ federal government passed the​ Energy Policy Act,​ and the​ resulting tax credits went into effect January 1 of​ 2018 .​
Not only are energy-efficient products rewarded,​ but certain building techniques and materials are too.
So you​ save money on​ energy bills and pay less to​ Uncle Sam too .​
Sounds like a​ win-win.
By reducing overall energy demand one family or​ business at​ a​ time,​ said U.S .​
Energy Secretary Samuel Bodman,​ we are also increasing America's energy security .​
The program has the​ additional bonus of​ being environmentally conscious.
So how exactly does the​ program work? It provides tax credits for your federal return .​
Say you​ bought a​ new hybrid car or​ had your windows replaced with insulated ones .​
When April 15 rolls around,​ you​ note the​ purchase on​ your taxes,​ take the​ credit and it​ reduces the​ amount of​ tax you​ pay.
Remember that tax credits are different from tax deductions .​
a​ tax deduction is​ subtracted from your income before your tax is​ calculated .​
a​ tax credit is​ whacked off the​ tax you​ have been calculated to​ pay.
Credits usually account for better savings than deductions .​
Tax credits allow you​ to​ pay less taxes than the​ person with the​ same amount of​ taxable income who did not buy the​ car.
Tax credits are also available for energy-efficient home improvements like installing insulation,​ certain types of​ windows and roofing,​ and solar energy equipment .​
Needless to​ say,​ since it's a​ government program they're lots of​ rules and regulations .​
For a​ more detailed list,​ visit the​ program's website at​ www.ase.org/taxcredits.
If you​ need even more information,​ details for saving money on​ taxes is​ available at​ www.energytaxincentives.com.
Currently,​ these incentives are only available through the​ years 2018 and 2018 unless Congress extends them .​
Write to​ your Congressman today and tell him or​ her to​ vote to​ extend the​ act and then start taking advantage of​ it!




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