Federal Tax Credit for Solar Energy TurboTax Tax Tip Tutorial
Hello, I'm Jeremy from TurboTax with important news on how you can reduce your tax bill and protect the environment at the same time. Have you installed solar powered equipment in your home this year Or are you considering it If so, the federal government will reward your environmentally conscious home improvements with a tax credit equal to 30 percent of your purchase and installation costs. There is no maximum on the amount of credit you can claim. Essentially, the credit works like this. If you spend 10000 dollars to buy and install solar panels on your roof,.
Your credit will equal 3000 dollars. If at the end of the year, you owe 5000 dollars in taxes, the credit reduces your tax liability to 2000 dollars. If you haven't purchased the solar powered equipment yet, don't worry. You have until 2016 to do so. There is, however, one notable limitation to the credit. It is only available for improvements that you make to your main home which is generally your principle residence where you live for most of the year. You can also increase your tax savings by claiming similar credits for energy efficiency improvements.
Louisiana Wind Solar Energy Tax Credit
NARRATOR On the roof of his home in Baton Rouge, Herb Sumrall is inspecting an innovation that's already saving money every month, solar panels. Herb Sumrall, Homeowner My wife and I, when we built the house, were pretty much into solar conservation. So, we've done a bunch of things over the years and this seemed like the appropriate thing to do and the appropriate time. NARRATOR Solar panels make electricity from sunlight and Sumrall's power bill is a fourth of what it used to be. Plus, the cost of installing this array will be significantly offset when.
He files his state and federal taxes. William Little, Louisiana Department of Revenue The Solar and Wind Power Tax Credit gives a taxpayer a refundable credit for 50 percent of the first 25 thousand dollars of the costs associated with installing a wind or solar powered energy system. That is the state tax credit. The analogous federal tax credit is 30 percent of the same installation costs. Adding these two together, you get 80 percent of the installation costs. Legislative leaders both in Washington and the state level are trying to generate energy efficiency at the.
IRS 1099 Levy Contractor Options TurboTax Tax Tip Tutorial
Hello, I'm Sarah from TurboTax with important news on how you can avoid an IRS garnishment on your 1099 earnings. Do you still owe taxes to the IRS from a prior tax year If so, you should be aware that the agency has a power to collect it from your earnings. If you are an independent contractor, it may take longer for the IRS to find you, but this does not mean you aren't on its radar. The IRS can garnish your earnings just as easily as it can with any employee.
However, the IRS can only take what is owed to you at the moment your earnings are garnished. So, if you have not been paid yet for a twoweek assignment, that money is safe from the IRS. Unfortunately, the IRS can issue a series of levies to repeatedly collect from all of your 1099 payments. Remember though, the IRS is not looking to bankrupt you or ruin your career. Your best bet to avoid levies is to voluntarily contact them and try to negotiate a payment plan. In addition to payment plans, you can appeal the garnishments.
Energy Tax Credits TurboTax Tutorial 2011
My husband and I installed insulation in our home this summer. Does it qualify for a 2010 tax credit Hi, I'm Tiffany Smith from TurboTax. And, yes, insulation does qualify for a home energy credit on your 2010 taxes. Let's take a look at how you can take advantage of this great tax break. First, let's consider what types of homes are eligible. Only your primary residence qualifies no rental, investment or business properties. But the good news is that in addition to a traditional house, your primary residence can also be a houseboat,.
Mobile home, coop or condo. Now let's talk about the tax credit. It's called the Nonbusiness Energy Property Credit. You can take a credit for 30 of what you paid for your insulation up to $1,500 as long as the improvement makes your home more energyefficient. Since it's a tax credit, it's a dollarfordollar reduction in your tax bill. If you spent $4,000 on the insulation, that would qualify you for a $1,200 credit. And you'll lower your energy bills at the same time. Have you made any other home improvements this year.
You can also take a credit on the cost of storm doors windows and certain kinds of roofs any upgrade that adds energy efficiency to your home. The credit also applies to water heaters, biomass stoves, furnaces, hot water boilers and even central airconditioning. But remember, not every home improvement is eligible. And some improvements include installation costs in the amount eligible for the credit while others don't. Check out the guidelines on the IRS website. And hurry the credit is only for improvements you make by December 31, 2010. Lower energy bills and lower taxes.
The Wind Power Tax Credit TurboTax Tax Tip Tutorial
Hello, I'm Jeremy from TurboTax with important news on how you can qualify for the wind power tax credit this year. Have you ever driven down the highway and seen hundreds of large fan like structures spinning in the breeze These wind turbines are generating electricity without polluting the environment. Smaller versions of these wind turbines are available that can generate electricity for your home. The Federal Government encourages you to purchase and install these wind turbines by giving you a tax credit to offset some of the expenses. The wind power tax credit covers 30 of the cost to.
Purchase and install the turbines at your main home plus one other. If you plan on taking advantage of the credit, you must install the turbines by 2016. Because there is no maximum credits you can claim, your tax savings are likely to be substantial. However, because your tax reduction can be significant, be sure to keep every document that proves your cost. The last thing you want is to spend all that money and to lose the credit because you can't prove it to the IRS. Anyone who claims a credit must file form 5695. If your credit is larger than the amount of tax you owe,.
What Are Energy Tax Credits TurboTax Tax Tip Tutorial
Hi, I'm Jeremy from TurboTax with important news on how you can reduce your tax bill by saving the environment. Did you purchase an electric car or make ecofriendly improvements to your home this year If so, you may be eligible to reduce the amount of tax you owe by claiming one of the energy tax credits. You can deduct up to $1,500 off your taxes when you increase the energy efficiency of your primary home by installing new air conditioning units, increasing the insulation in your walls, or by adding new windows, skylights or doors.
If the manufacturer claims the equipment will reduce energy consumption or if the product has the Energy Star label, that is all you need to qualify for the credit If you install more expensive equipment such as solar panels and geothermal heat pumps, you will qualify for an additional credit equal to 30 of your total cost. Purchasing an electric car will reduce your tax bill. Depending on the car's price you can receive a credit worth anywhere between $2,500 and $7,500. It is also possible to convert your gas guzzler into an electric car by purchasing a conversation kit.
Introduction to the Work Opportunity Tax Credit
Did you know there's a way to make a good hire for your company and lower your taxes for doing it It's called the Work Opportunity Tax Credit, or WOTC pronounced wattsee. WOTC is a tax credit of up to 9600 dollars that an employer can get for hiring someone who faces a challenge getting a job. What does that mean It means hiring certain veterans, young people, people with disabilities, people who've received food stamps, and other people. There are details about which workers are eligible for WOTC at this website.
These are people who want to get back to work and can perform well, but just need the right employment opportunity to get started. And you can get a tax credit worth thousands of dollars for hiring them. How does it work It starts with keeping your eyes open for workers who just need a chance to show what they can do for you. When you're ready to hire, go to the WOTC website to check eligibility for the tax credit and for easy instructions on how to apply for it.
Advanced Solar And Electric IRS Tax Credit
Advanced Solar And Electric IRS Tax Credit,.
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