Business Tax Recovery Logo


Tax Credit Consulting: Home Improvements Peoria AZ

The Energy Policy Act allows credits for a variety of environmentally sound items. Fuel efficient vehicles and home appliances are also covered by the law. The reduced fuel costs and lower energy bills already benefit the consumer, but the idea is that they also benefit the entire society by reducing emissions and air pollutions. There are also concerns over energy shortages in the future.

Mr. Jeffrey D. Carter (RFC®), CSA, LUTCF
(623) 933-9500
10451 W. Palmeras Drive
Sun City, AZ
Company
Smart Financial Strategies, Inc.
Qualifications
Years of Experience: 22
Membership
IARFC, SCSA, NAIFA
Services
Invoice, Estate Planning, Trustee Service, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Charitable Foundations, Asset Protection, Compensation Plans

Data Provided by:
Liberty Tax Service
(866) 871-1040
8940 W Bell Rd # 102
Peoria, AZ

Data Provided by:
H&R Block
(623) 334-9866
7549 W CACTUS rd STE 110
PEORIA, AZ

Data Provided by:
Beck Tax Works
(623) 566-2213
8247 W. Cielo Grande Ave
Peoria, AZ
 
H&R Block
(623) 933-6912
10753 GRAND Ave
SUN CITY, AZ

Data Provided by:
Liberty Tax Service
(623) 792-1140
8940 W. Bell Rd. Ste B102
Peoria, AZ
 
Liberty Tax Service
(866) 871-1040
8411 W Thunderbird Rd
Peoria, AZ

Data Provided by:
H&R Block
(623) 825-2871
20255 N LAKE PLEASANT hwy
PEORIA, AZ

Data Provided by:
Accurate-Leigh-Done
(623) 561-6172
10327 W. Coggins Dr. #2
Sun City, AZ
 
H&R Block
(623) 451-0671
28455 N VISTANCIA BLVD
PEORIA, AZ

Data Provided by:
Data Provided by:

Tax Credit Consulting: Home Improvements

Home Improvements Tax Credits

A new law passed in 2005 allows tax credits for home improvements that result in a savings in energy usage.

Home Improvements Tax Credits

The Energy Policy Act of 2005 (EPACT) allows tax credits for various items that are environmentally sound and reduce the energy usage in the home. Although certain deductions have existed for home improvements, a tax credit is usually more valuable than a tax deduction. The credit is taken directly from the amount of tax owed while the deduction only reduces the taxable income and so will only be a savings of a certain percentage. The percentage will be determined by the individual tax rate.

The Energy Policy Act allows credits for a variety of environmentally sound items. Fuel efficient vehicles and home appliances are also covered by the law. The reduced fuel costs and lower energy bills already benefit the consumer, but the idea is that they also benefit the entire society by reducing emissions and air pollutions. There are also concerns over energy shortages in the future.

Beginning with the 2006 tax year, taxpayers who install energy efficient improvements to their home such as insulation, windows, or heating and cooling equipment can receive a tax credit up to $500. The program remains in effect through the 2007 tax year as well. Purchases can be itemized directly on the tax form. This law also introduces several tax credits and deductions available to Business owners. These credits and deductions cover fuel efficient vehicles and certain improvements to buildings.

The law also allows a credit of 30% of the expenditures, up to a maximum of $2000, for photovoltaic or solar heating equipment. This heating equipment must provide heating for something other than swimming pools and hot tubs. It is also necessary for either of these Home Improvement Tax Credits under the Energy Policy Act that the improvements are made to the taxpayer's principle place of residence.

Although Tax ...

Click here to read the rest of this article from BusinessTaxRecovery.com