It is not only an environmental imperative; it makes sense from a financial standpoint. The federal residential energy efficient property tax credit applies for up to 30% of the cost of the qualifying clean energy home improvement project. The credits are available for solar-powered electricity, solar water heaters, geothermal heat pumps, small wind turbines, and renewable fuel cells. If installed and placed into service after Dec. 31, 2016, and before Jan. 1, 2020, the tax credit is 30%. If placed in service after Dec. 31, 2019, and before Jan. 1, 2021, it is 26%, and if after Dec. 31, 2020, and before Jan. 1, 2022, it is 22%.
Also, individuals can get a 10% tax credit for qualifying energy-efficient home improvements, like exterior windows, doors, skylights, certain roof installations, insulation, heating and air conditioning systems, water heaters, and biomass stoves. This is for expenditures paid or incurred during the taxable year.
These are just a few of the tax-savings strategies that you can employ that not only save you money now but in the years to come.
The $16,728 Social Security bonus most retirees completely overlook
If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $16,728 more… each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we’re all after. Simply click here to discover how to learn more about these strategies.