The Federal Tax Credits Blog

Posts Tagged ‘solar’

‘Tax relief’ extended for Energy Star windows

To assist homeowners with upgrading from old, drafty windows, the federal government is offering tax credits for up to 10 percent for qualifying windows, doors and skylights.

Solar Energy – How To Use Solar Energy At Home

Question: Is Solar Power worth the investment?

This website http://www.Solarbuzz.webs.com is saying it’s a great investment, but I am leary of these claims. They are saying in a nutshell its: Property tax exempt, rebates and 30% uncapped Federal Tax-credit and 100% of the value is added to your home? Comon’ that just seems not possible? This information website is based out of my home town of Sacramento California. I just wanted to see if there is anyone who has added Solar Photo Voltaics that can substantiate these claims.

Answer: If you can get all the tax credits then maybe. It will take a long long time for solar power to pay-off as an investment. Don’t forget to check for state incentives along with federal incentives. You would probably be better off not looking at it as an investment but as a way of being more eco-friendly with your house and life.

Clinton Township officials considering many solar panel proposals, including some of their own

The roof of the township’s Middle School might be ideal for a solar panel installation. CLINTON TWP. — Solar electric panels may be springing up soon around the township, the result of several unrelated projects that have been proposed. What…

2010 Federal Tax Credit for Solar Energy – TurboTax Video

Question: What is the reason for deductions and credits?

I am just wondering why we have so many deductions and credits in our tax system. Wouldn’t it be much simpler for everyone (businesses, the public and the government) if we all just paid our share and we had fewer deductions and loopholes? I understand some of the deductions we give such as deductions for children (obviously a family should pay less than a single guy only supporting himself), and some other deductions which offer incentives for doing things that are beneficial (such as tax breaks to green energy companies to research new energy). But why do we have SO MANY deductions and credits?

Answer: While I agree that the tax code is extremely complex, it is not because of the deductions and credits.

Deductions and credits serve two purposes. First, they do encourage behavior that the government support. Second, they stimulate the economy. If we paid more money to the government, we would have less money to spend on things such as housing. Without a deduction for mortgage interest, people would be less inclined to buy houses.

As far as supporting large families, taxpayers only get credits for the first two children they have. They get dependency exemptions, but without them people would go broke. Furthermore, families with large incomes get exempt from lots of the deductions and credits. Notice at the bottom of schedule A where you have to determine if your deductions are limited. These deductions and credits do help the people they are intended to.

The only reason the tax code is so complicated is because people try to beat the system. They attempt the breaks allowed by the government to benefit themselves even if they were not originally intended to. If you really look at each deduction and credit, they are all useful.

MEDC’s high-tech business tax credits, film incentives would be phased out under Rick Snyder plan

Film industry incentives and high-tech business tax credits distributed by the Michigan Economic Development Corp. would be eliminated as part of Gov. Rick Snyder’s proposal to restructure the state’s business tax structure, according to a Detroit News report…….

Business Energy Investment Tax Credit

Question: Can I write off an Energy Star metal roof from my 2008 taxes?

I was told by the roofing company that I can get up to a $1500 tax credit. Is this true? If so, what is the IRS form number I use?

Answer: The $1500 credit ISN’T for 2008. The credit skips 2008.

Town Crier, Jan. 26, 2011

Today ’s Highlights

Can a Metal Roof Reduce Energy Bills? – Metal Roofing Alliance VNR Clip

Question: HR 3135 gave tax credits for wind provided electricity yesterday. Who do you suppose that will help the most?

Buffett?

Answer: T Boone Pickens.

Tax credit set to expire at end of 2010

Time is running out for homeowners to cash in on energy efficient tax credits that expire at the end of 2010.

Buy Wind Turbines