The Federal Tax Credits Blog

Posts Tagged ‘energy’

Wind Energy Farms Added 26 Percent of New U.S. Power Capacity in 2010

U.S. wind power capacity grew 15 percent in 2010, reaching 2 percent of all the electricity generated in the nation, the American Wind Energy Association said.

Wind Turbine VAWT HiWindPower

Question: How will the home buyer tax credits be applied to me and my fiance?

In February 2010, I will have owned my home for 5 years, making me eligible for the $6,500 tax credit if I purchased another home by April. My fiance has never owned a home, making her eligible for the $8,000 tax credit as a first time home buyer. We’re very eager to purchase a home before April. How would the tax credits on a purchase apply to a couple in our situation? Thank you.

Answer: If you *don’t* get married, and buy the house together, you would have to pick a credit and then split it. If you opt for her to get the $8000, she can apply for all of it. (And runs the risk of paying the entire amount back.) If you opt for the $6500 credit, the details aren’t out, but presumably you would claim the entire $6500 and she would claim $0.

How to take years off your mortgage

Homeowners are overpaying their mortgages at a record rate. So how much can you save – and what are the pitfalls? For years we treated our homes like cash machines, borrowing against their rising value and then using the unlocked money to splash out on new conservatories, cars, expensive holidays and the like. Now, as seems appropriate in this age of austerity, we are “reloading the ATM”, and …

How to Apply for First Time Home Buyer Tax Credit

Greens pledge carbon tax, corporate tax hike

Elizabeth May says a Green Party government would raise corporate taxes to 2009 levels, charge $60 a tonne for carbon emissions – and legalize pot.

Renewable Energy Tax Credits are Huge for Solar, Geo Thermal Heat Pumps and more

Question: Should the government mandate smart meters in new homes?

and give tax credits for them to be installed in exisiting homes? These have an electronic display, showing customers precisely how much electricity and gas they are using, and their costs in real time. The data is relayed back to energy firms automatically. Average bills will be reduced as a result, since the meters encourage changes in behaviour. The meters can also “talk” to domestic appliances such as refrigerators. If necessary, these can be made to switch on and off depending on the level of demand on the grid.

Answer: Nope. Unless you agree with the consequences of having a smart meter in your home, I think it could be rendered unconstitutional. It invades privacy of your home.

Jason Alderman: Smart Uses for Your Tax Refund

If you regularly receive large tax refunds, you’re probably having too much tax withheld from your paycheck. Instead, you might want to withhold less and put the money to work for you.

Eric Schmidt on Strategies and Solutions for Energy Security

Question: I replaced 4 windows in the home I own this year. What form should I use for Energy Credits on income tax?

I am using form1040 and schedule A

Answer: FORM5695 Residential Energy Credits here is a link for you

IT’S CRUNCH TIME

Uncle Sam is giving tax credits to most working families and some will get more for special cases, such as couple adopting a child.

Kansas City Income Tax – Energy Credit – Turbo Tax