J.J. Luckey & Company Certified Public Accountants offers a wide variety of tax and financial services for Gainesville, FL, Alachua County, and the surrounding area. The following are some current tax tips that may benefit you in the coming tax season.
Save Energy & Save Taxes
June 1, 2009
If you are interested in improving your home to make it more energy efficient, you could be rewarded for your efforts by getting a tax savings. If you make qualifying improvements to your principal residence this year or next, you’ll be rewarded for your efforts with a federal income-tax credit known as the “non-business energy property credit.”
The personal tax credit – which can be as much as $1,500 (in total) for the two tax-year periods beginning in 2009 and 2010 – is available for 30% of expenditures for the items listed below, assuming the items meet specific standards for energy efficiency.
The items that are included are insulation, exterior windows and skylights, exterior doors, roof (asphalt & metal), central air conditioner, advanced main air circulating fan, water heater (natural gas, propane, oil, electric heat pump), hot-water boiler (natural gas, propane, oil), electric heat pump, furnace (natural gas, propane, oil) and biomass fuel stove.
In 2009, the non-business energy property credit can offset both regular tax and alternative minimum tax.