Ben Evans’ Post

Discover the potential of Commercial Building Energy Tax Deduction (179D) post-Inflation Reduction Act! Learn how your properties might benefit from this incentive for making energy-efficient building upgrades. Continue reading: https://lnkd.in/gFeSVYbn #NationalTaxGroup #USTax #TaxUpdate #179D #Sec179D #businessplan #realestate #financetips #SustainableSavings #EnergyEfficiency #Deduction #TaxBreak

💥 The IRS is urging taxpayers to make energy-efficient updates to their homes, which could help them save thousands of dollars by qualifying for home energy credits. Taxpayers who have made energy-efficient improvements to their home after January 1, 2023, may qualify for a tax credit up to $3,200. Changes must be made to a homeowner's primary residence for taxpayers to be able to claim credits. ➡ Takeaway: To find out if you qualify, contact Lesemann CPAs. As always, certain criteria must be met, and you always want to be sure you're taking tax credits correctly.

💥 The IRS is urging taxpayers to make energy-efficient updates to their homes, which could help them save thousands of dollars by qualifying for home energy credits. Taxpayers who have made energy-efficient improvements to their home after January 1, 2023, may qualify for a tax credit up to $3,200. Changes must be made to a homeowner's primary residence for taxpayers to be able to claim credits. ➡ Takeaway: To find out if you qualify, contact Lesemann CPAs. As always, certain criteria must be met, and you always want to be sure you're taking tax credits correctly.

Threw out some fairly conventional takes on tax credit-based incentives for energy efficiency/electrification/solar. Not the most beneficial to low-income households but certainly politically palatable and somewhat effective for speeding adoption. https://lnkd.in/eE7CqefT

Are you wondering how to claim the Energy Efficient Home Improvement Credit on your taxes? Here are the steps you need to follow: - Determine Eligibility: Ensure improvements are made to your primary residence in the U.S. and qualify under the credit guidelines, including energy-efficient doors, windows, insulation, and specific heating and cooling systems. - Calculate the Credit: The credit is 30% of the cost of eligible improvements, up to $1,200 annually for most items, and up to $2,000 for items like heat pumps and biomass stoves. - File IRS Form 5695: Attach Form 5695, Residential Energy Credits, to your tax return to calculate and claim the credit. - Keep Documentation: Maintain records of all expenses and receipts related to improvements, as these costs are necessary when claiming the credit. - Nonrefundable Credit: This credit is nonrefundable, reducing your tax liability to zero without resulting in a refund if the credit exceeds your tax owed. By following these steps, you can effectively claim the Energy Efficient Home Improvement Credit on your taxes. For more information, refer to the provided citations to maximize your tax savings. #taxes #homeimprovement #taxcredits

Though IRA incentives will likely not flow until 2025, you can access these tax credits now, realize an even greater reduction in the cost of your clean energy investment and benefit from the resulting energy conservation potential!

🌟 Maximize Your Tax Savings with Home Energy Credits! 🌟 Did you know making certain energy-efficient updates to your home can qualify you for significant tax credits? Thanks to the Inflation Reduction Act of 2022, the IRS has expanded the credit amounts and types of qualifying expenses. Here’s what you need to know to save big! Top Ways to Claim Home Energy Credits: 1. Energy Efficient Home Improvement Credit: - Up to $3,200 Tax Credit: For qualified energy-efficient improvements made after Jan. 1, 2023. - 30% of Qualified Expenses: Includes improvements like exterior doors, windows, skylights, insulation, air sealing, and more. - Annual Limits: $1,200 for energy property costs, with specific limits for doors, windows, and home energy audits. An additional $2,000 per year for qualified heat pumps, biomass stoves, or boilers. 2. Residential Clean Energy Credit: - 30% of Costs: For new, qualified clean energy property for homes in the U.S. installed anytime from 2022 through 2032. - Qualified Improvements: Solar electric panels, solar water heaters, wind turbines, geothermal heat pumps, fuel cells, and battery storage technology. - No Annual or Lifetime Limits: Except for fuel cell property, and excess credit can be carried forward to future tax years. Eligibility and How to Claim: - Homeowners, renters, and owners of second homes used as residences can claim credits. - Use Form 5695 to claim your credit for the year the property is installed. - Good Recordkeeping: Keep detailed records of all purchases and expenses to support your claims. 📧 For personalized tax advice and to ensure you maximize your credits, contact our COO, Anshul Goyal, at [email protected]. Our team of licensed CPAs and Enrolled Agents is here to help you navigate these opportunities. Save energy, save money, and boost your tax refund! 💰🔋🏡 #TaxCredits #EnergyEfficiency #IRSUpdates #HomeImprovements #CleanEnergy #TaxSavings #USExpatTaxes #TaxHelp #CPAFirm #SustainableLiving

This tax season, learn how you can leverage tax credits through the federal Inflation Reduction Act to maximize savings & enhance energy efficiency in your home. The credits cover many of the same home energy upgrades that Energy Trust offers cash incentives for — giving you double the benefits! 💸 See how you can take advantage of these credits and save more on your energy bills! 👉 https://lnkd.in/gybRY7dy #EnergySavings #TaxCredits #SaveMoney

Happy Tax Day! 💸 Did you know that going solar can potentially lead to significant tax savings through the Federal Solar Investment Tax Credit (ITC)? That's like the sun giving you a big, bright tax break! ☀️ In our latest blog post, we've created a guide that tells you everything that you need to know about the ITC as a homeowner. Check it out here 👉 https://loom.ly/LUvJuZg

The Inflation Reduction Act of 2022 was signed into law with the goal of addressing economic challenges and encouraging businesses and homeowners to adopt more “green” energy practices. With this bill comes an important provision: the Home Energy Efficient Tax Credit. This credit incentivizes homeowners to make energy-efficient improvements to their homes. Check out this blog post where we’ll explore how the Home Energy Efficient Tax Credit works, who can qualify, what potential amounts and expenses there are, and how you can apply to claim this tax credit. https://lnkd.in/g6yr6m96