CPA Practice

DECEMBER 13, 2023

New tax incentives were added, and existing tax incentives got extended and enhanced. This article covers two home energy tax credits for your individual clients to take advantage of by saving money on their tax returns and conserving energy to help out the environment.

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Cherry Bekaert

APRIL 4, 2024

Due to more resources being allocated to sustainable home solutions, the cost of energy-saving home improvements has decreased, allowing more homeowners access to qualify for this energy tax credit. The tax credit percentage rate phases down to 26% for properties placed in service in 2033 and 22% for properties placed in service in 2034.

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ThomsonReuters

DECEMBER 19, 2023

You must claim the credit for the tax year when the property is installed, not merely purchased. Residential Clean Energy Tax Credit If you invest in renewable energy (i.e., This credit equals 30% of the  costs of new, qualified clean energy property  for your home installed anytime from 2022 through 2032.

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ThomsonReuters

DECEMBER 19, 2023

How to claim energy efficient tax credits from ENERGY STAR To claim the Energy Efficient Home Improvement Credit for appliances that meet applicable  ENERGY STAR requirements , you must f ile Form 5695, Residential Energy Credits Part II , with your tax return to claim the credit.

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CPA Practice

APRIL 6, 2023

According to the report, the $80 billion in IRA funding will primarily be used to: rebuild and strengthen IRS customer service, add capacity for the IRS to better evaluate complicated tax returns of high-net-worth individuals, large corporations, and complex partnerships, and update outdated IRS operating systems and technology.

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