Year-End Planning Provides Tax Savings Opportunities: Energy-Efficiency Improvements

The total (aggregate) credit for energy efficient improvements to the home in 2009 and 2010 is $1,500. Unless Congress acts, this tax break won’t be around after this year. Additionally, substantial tax credits are available for installing energy generating equipment (such as solar electric panels or solar hot water heatReduce your tax liability and your electric bill at the same time.  Make energy saving improvements to your main home, such as putting in extra insulation or installing energy saving windows or buying and installing an energy efficient furnace, and qualify for a 30% tax credit.ers) to your home (this break stays on the books through 2016).  Contact your CPA for more information on these tax incentives.

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