Category Archives: Tax Credits

Residential Energy Efficient Property Credit

There are residential energy effiency tax credits. A credit of 30 percent of the expenditures made by a taxpayer during the taxable year for: qualified solar electric systems; qualified solar water heaters; qualified fuel cell property; qualified small wind energy property; and qualified geothermal heat pumps. The credit for expenditures made for qualified fuel cell… Read More »

Plug-In Electric Drive Vehicle Credit

Internal Revenue Code Section 30D provides a credit for Qualified Plug-in Electric Drive Motor Vehicles including passenger vehicles and light trucks. You may be eligible for a credit under Section 30D(a), if you purchased a car or truck with at least four wheels and a gross vehicle weight of less than 14,000 pounds that draws energy… Read More »

2017 Adoption Tax Credit

A nonrefundable tax credit for qualified adoption expenses paid to adopt an eligible child. The credit may be allowed for the adoption of a child with special needs, even if you do not have any qualified expenses. The credit is reduced if your modified adjusted gross income (MAGI) falls between $201,010 and $241,010; and is… Read More »

2017 IRS Income Tax Changes

Besides changing the 2017 Income Tax Brackets and the 2017 Earned Income Credit, the IRS announced other inflation linked changes to amounts in the tax code. These other deduction and credit amounts are important in 2017 and can affect how much taxes are paid. The tax items for tax year 2017 of greatest interest to most… Read More »

Energy Incentives for Individual Taxpayers

How has the American Recovery and Reinvestment Act of 2009 affected the tax credits for energy efficient home improvements? The new law increases the energy tax credit for homeowners who make energy efficient improvements to their existing homes. The new law increases the credit rate to 30 percent of the cost of all qualifying improvements… Read More »

Energy Tax Credits for Home Use

You can reduce your taxes and save on your energy bills with certain home improvements. Here are some key facts you should know about tax credits for home energy. Remember that, the Energy Property Credit is not for Business   Overview of Residential Energy Credits • Part of this credit is worth 10 percent of the cost… Read More »

NQPEDMV credit for Electric Cars

There are tax benefits connected with a purchase of a “plug-in electric vehicle” (a vehicle propelled to at least a significant extent by an electric motor propelled by a battery capable of being recharged from an external source of electricity). Can you get this tax credit with Tesla or a Nissan Lead?   What is the NQPEDMV tax… Read More »

Welfare and the Earned Income Tax Credit EITC

During the 2015 tax year, the IRS is stepping up its enforcement efforts to prevent improper payments of the Earned Income Tax Credit and the Additional Child Tax Credit, according to a new government report. The Internal Revenue Service paid out $14.5 billion in erroneous Earned Income Tax Credit payments and between $5.9 billion and $7.1… Read More »

2015 EITC Income Limits and Maximum Credit

The Internal Revenue Service announced annual inflation adjustments for a number of provisions for the year 2015, including tax rate schedules, tax tables and cost-of-living adjustments for certain tax items. Congress made substantial progress in recent years in “making work pay” for low-income families with children by strengthening the Earned Income Tax Credit (2015 EITC) and… Read More »