Death to tax credits. Wait, what?!
The IRS may have given itself a one-to-two week delay on the start of the 2014 tax season, but there’s no such luck for anyone wanting to claim tax credits for energy-efficient purchases and improvements made in 2012 or 2013. While the Alliance continues to fight for the extension of these important federal tax credits, they are set to expire on December 31 — unless Congress acts.
If you want to capitalize on the current tax credits, know the law! You may already be eligible for many nearing-extinction credits. Such as if…
- You've purchased certain plug-in hybrid or electric vehicles.
- You've made energy efficiency upgrades or installed certain equipment in your home.
- You are a builder of efficient homes.
- You are a commercial building owner who implemented certain energy efficiency upgrades.
If you have or are planning on taking advantage of any of these deductions, make sure you get your purchase(s) made or your improvements and installations completed before December 31st. Eligibility and requirements for each credit varies, so check out our tip sheets on Commercial and Manufacturing Tax Incentives and Tax Credits for more details.
I’m all for getting the biggest bang for my buck this coming tax season, and I’m pretty sure no one wants to give Uncle Sam more money than they have to. If you have questions about how to file for these money-saving incentives consult a tax preparation specialist or visit the IRS website.