An americantaxservice.org article reveals home energy tax credits now open to taxpayers in 2015, and which they can keep in mind during the months leading up to tax season 2016.
Traverse City, MI -- (SBWIRE) -- 09/09/2015 -- Americantaxservice.org has published an article on the home energy tax credit. First urging homeowners to make energy efficient upgrades that qualify, the article lists the various credits one can claim when filing federal taxes so they can save. Author Frank Ellis mentions there are opportunities to save on bills and in paying Uncle Sam less.
The article highlights the non-business energy property credit. Taxpayers can get a 10% credit for energy efficiency improvements. Items that may qualify one for a deduction include water heaters, central air conditioners, electric heat pumps, or certain oil furnaces.
Homeowners might get deductions on insulation, storm windows/doors, and heat-efficient metal and asphalt roofs. The article also says there's a lifetime limit of $500. See the post for a complete list of deductible items.
Discussed next is the residential energy efficiency property credit. It provides a 30% credit for alternative energy equipment installed that tax year. Included are solar electric and water heating equipment, fuel cells, wind energy, and geothermal heat pumps. Most of these have no limits, according to the author, except the fuel cell property credit that's limited to $500 for each one-half kilowatt of capacity, as stated in the article.
The article concludes by saying qualifying homes don't have to be the taxpayers main residence, as long as it is in the country. To apply, Ellis says, Form 5695 must be filled out and attached to Form 1040 before being sent to the IRS. He ends by suggesting H & R Block as the company to file taxes with.
Learn more about home energy tax credits for 2015 at http://americantaxservice.org/home-energy-tax-credits/.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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