Even though the $1,500 tax credit (which was available in 2009 and 2010) has expired, taxpayers still have the opportunity to save by making energy-efficient improvements to their existing homes. A $500 lifetime energy credit is available for 2011, but must be reduced by the amount of previously allowed credits during 2006, 2007, 2009 and 2010.
No more than $200 can be used for windows or skylights, only $50 for an advanced main air circulating fan, $150 for any qualified natural gas, propane or oil furnace or hot water boiler and $300 for energy-efficient building property meeting minimum energy standards (electric heat pump water heater, geothermal heat pump, central air conditioner, etc).
If you did not use at least $500 of energy-efficient credit in a prior year, you may have a credit available to you in 2011.
Tax planning begins now. Call us to set up a tax planning consultation to see if you qualify for this type of credit and other tax saving ideas that you can do now to save income taxes when we prepare your return next year.
/posted by Suzan Ross CPA, PFS
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