Green Energy Tax Credits

Green Energy Tax Credits

There is an umbrella of green energy tax credits available to protect our dream of home ownership from the growing costs of energy consumption that are also beneficial to the energy industry in its operations to provide that energy continuously, effectively and efficiently.

Many of the building code changes we have experienced in the last decade are as a result of efforts by government agencies, in cooperation with the home-building trades, to provide the means not only to save on energy costs, but to have that energy delivered to our homes with an eye to energy conservation.

These efforts were passed by Congress in 2005 with the Energy Policy Act with later enhancements provided in the 2008 Energy Improvement and Extension Act.

The legislation of these two acts provide tax credits that apply in direct effect to decrease our adjusted gross income on our federal and state income tax calculations, thus reducing our tax bill.  In some respects, because these credits are part of the building code, they are automatically engaged in the construction of new homes, but we also have the ability to retrofit and upgrade older homes to meet new recommendations of energy-saving techniques.

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Tax Tips For First Time Home Buyers

If you’re a first time home buyer, then you should know that there are certain tax advantages to home ownership. Uncle Sam gives people an incentive to own their residence in the form of numerous tax incentives.

However, there are also certain misconceptions about what expenses homeowners can deduct from their taxes. If you’re unclear on the matter, then a brief education about our federal tax system and how it handles real estate is in order.

A disclaimer, of course, because the Internet is forever: always make sure you consult a tax adviser before assuming that any claims about tax deductions are accurate. By the time that you read this article, the tax laws could have changed significantly. Further, there could be unusual exceptions based on your personal circumstances.

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